JPMorgan Takes $19M First Step On Major Chase Tower Renovation
JPMorgan Chase has received city approval for its first construction permit on the extensive renovation of the company's downtown Chicago office tower since the project was announced in February.
The city gave the go-ahead April 29 for JPMorgan to do work on exterior plaza repairs at Chase Tower, removing and replacing granite pavers and waterproofing the area, according to the city's building permit database. The work site area is 100K SF, and Berglund Construction is listed as the general and mason contractor.
The reported cost of the renovation is about $19M, according to details in the permit. A full estimate for the cost of renovations hasn't been released.
A JPMorgan spokesperson confirmed the permit is a part of the previously announced tower renovation, but declined to comment further on the permit or the permitting process.
The city approved the work through its express permit program. The company previously received city approval in January for some interior alteration and demolition work as a part of the renovations, according to the permit database.
In February, the bank revealed plans for a major overhaul of its Loop office tower, saying the project will create more than 970 local construction jobs, according to a press release. JPMorgan said the renovation will trigger additional economic activity of $264M for Cook County and $377M for Illinois overall.
The firm has more than 14,500 employees in the Chicago area, including 7,200 at Chase Tower.
