- CEO Jamie Dimon told Crain’s Chicago Business that JPMorgan’s renovation of Chase Tower at 10 S. Dearborn St. will cost more than $800M, the first full estimate for the project.
- JPMorgan announced the work in February 2024 and has 14,500 Chicago-area employees, including 7,200 at Chase Tower, with Crain’s reporting completion in mid- to late 2027.
- The project joins Google’s Thompson Center renovation and LaSalle Street conversions in the Loop’s revival, and fits JPMorgan’s larger office bets in New York, London and Philadelphia.
JPMorgan’s Chase Tower renovation in Chicago’s Loop will cost more than $800 million, CEO Jamie Dimon said, according to Bisnow.
Dimon told Crain’s Chicago Business on Thursday that he sees the project as a lasting commitment, Bisnow reported, and one that symbolizes what the bank has always done.
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First Full Cost Estimate
JPMorgan announced the renovation of the tower at 10 S. Dearborn in February 2024 and said it would produce $264 million of economic activity in Cook County and $377 million statewide. The bank declined to share a full cost estimate then, Bisnow reported.
The first construction permit came through in April 2024, and per Crain’s the work should wrap between mid- and late 2027.
A Loop Revival Piece
Bisnow described the project as a key piece of downtown Chicago’s recovery, together with Google’s Thompson Center renovation and a run of LaSalle Street office-to-residential conversions.
Bisnow noted that when JPMorgan announced the work, it counted over 14,500 Chicago-area employees, with 7,200 based at Chase Tower.
JPMorgan’s Office Bets
The bank has spent heavily on offices after leading the return-to-office push, Bisnow reported. A 60-story, 2.5M SF New York headquarters opened last October, and Bisnow put its cost at $4 billion.
Bisnow also reported that London City Airport signed off in April on a 3M SF, 870-foot JPMorgan tower, and that the bank said this week it will relocate in Philadelphia to 62K SF at 2400 Market St.
Why It Matters
A bank spending over $800 million on a Loop tower signals confidence in downtown Chicago and in top-tier space. CRE Daily has seen that flight to quality in trophy rents and in Pontegadea’s One North Wacker purchase.
What’s Next
Watch for the build-out to wrap in mid- to late 2027, per Crain’s, and for whether other large Chicago occupants follow with their own overhauls.
