00:00Katie, you're there in the new shiny buildings. What do they look like? And we assume hopefully no cockroaches to be found.
00:09It is big. It is grand. I have not seen any cockroaches. I will say it's a little loud.
00:14We just heard from J.P. Morgan CEO Jamie Dimon wrapping up and he opened his speech with a reflection.
00:21You think about the office building that did stand here at 270 Park.
00:25J.P. Morgan actually demolished that building to build this one. That was the largest U.S. building to ever voluntarily be demolished.
00:34Now we stand in the lobby of 270 Park just opening a construction project that actually finished on time, which is a feat in and of itself.
00:42But all told, this will house about 10,000 J.P. Morgan employees.
00:47It will have 60 store stories and it will also have a pub on the 13th floor that is called Morgan's.
00:55And it comes at a really interesting moment for New York City.
00:59We also heard, of course, from New York Governor Kathy Hochul.
01:02But we're just weeks away, of course, from the city's mayoral election.
01:07And here comes J.P. Morgan with this renewed commitment to New York City.
01:10How much of this is also a commitment and maybe even a call and a demand that you need to get into the office, Katie, if it has a gym, if it has a pub, if it has restaurants?
01:21It seems like you could live your life in the new J.P. Morgan headquarters.
01:27And I don't think Jamie Dimon would necessarily be opposed to that.
01:31I will say that this building, it took six years to build, $4 billion.
01:36And we know that J.P. Morgan moved back to being five days a week in the office earlier this year.
01:41So the marching orders are clear here.
01:44And you think about the really commitment to this block.
01:48It's not just 270 Park, J.P. Morgan.
01:50Its temporary quarters has been in 383 Madison, which is actually right across the street.
01:55Now they plan to spend a billion dollars renovating that building as well.
02:00That will open in 2027, so five days a week in the office.
02:05And you think about the corporate workers that J.P. Morgan has in New York City, more than 17,000 corporate workers all in the office five days a week.
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