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JPMorgan Plans to Triple  Size of NYC Technology Hub

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5 Manhattan West undergoing construction.
JPMorgan Chase & Co. is planning to increase the size of its technology hub in New York City by more than three times.

The United States’ largest lender JPMorgan Chase & Co. is planning to increase the size of its technology hub in New York City by more than three times. Bloomberg reports that this is in order to make more space for the bank’s coders and data engineers.

The firm is looking to lease an additional 300,000 square feet from Brookfield Property Partners LP in 5 Manhattan West’s upper levels. In the same building, JPMorgan currently occupies only 125,000 square feet. Although the bank is now in discussions with Brookfield, it is not certain that the deal will go through.

According to Bloomberg, “Banks are competing fiercely for technologists as the industry enters a new era of automation, fueled by cheap computing power and fears of losing customers to startups. JPMorgan has a $9.6 billion annual technology budget and has recently set up hubs across the U.S. for teams specializing in big data, robotics and cloud infrastructure to find new sources of revenue and reduce expenses and risks. The firm’s West Side hub, which opened in late 2015, caters to millennials by mimicking startup culture, with foosball tables, a game room, industrial decor and fridges stocked with sodas and snacks. Last year, about 700 workers who were previously scattered across Manhattan and Jersey City worked at the office. The workspace is divided into five neighborhoods, named after areas of New York, housing designers working on the user interface, coders developing new features and data analytics experts who study customer use.”

Manhattan West is located just west of the Farley Post Office building and Penn Station. It is a mixed-use project that spans a whopping 7 million square feet. In 2014, Brookfield announced the redevelopment of the building that became known as 5 Manhattan West. The original building was only 1.7 million square feet. Brookfield’s $200 million redevelopment project included replacing the building’s narrow windows with glass reaching from floor to ceiling on every floor.

By Rebecca Gold

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