JPMorgan's New Manhattan Tower Anchors a Multi-Block Campus

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00:00What else does Jamie Dimon and J.P. Morgan have in store for Midtown Manhattan?

00:04Well, first of all, let's be clear.

00:05Yes, the whole neighborhood is being built with a lot of J.P. Morgan presence and visibility,

00:11but surely you can't call this new tower that is the centerpiece of that whole neighborhood,

00:16which is turning into Jamie Town USA, as the tip of the iceberg.

00:19It is the biggest portion of it.

00:22But if you take this new tower, the existing building next to it on Madison Avenue,

00:26that is the old Bear Stearns building that J.P. Morgan owns,

00:30is going to spend a lot of money on trying to renovate that.

00:32Then there's another building across the block on Park Avenue

00:35that they could turn into a hotel for new employees or people visiting the city

00:39or make it into more office space.

00:41Add up some of the other leased area in the neighborhood,

00:44and you have roughly 6 million square feet of office space.

00:48That is a big commitment to the city of New York.

00:51For a bank that traces its roots in New York to over 200 years,

00:56we're going back to the 18th century,

00:58if you have to think of one of the predecessor banks to J.P. Morgan,

01:00to think about how long they've been associated with the city.

01:04And when this building finally opens later this month,

01:07it will be the ultimate symbol.

01:09And especially of the last 10 to 15 years,

01:12that showcases how J.P. Morgan has become the dominant bank in the United States,

01:18has become a dominant global bank under Jamie's leadership now approaching 20 years.

01:22The way you put it feels very Gilded Age-like.

01:26What about Jamie Dimon's involvement in building out this Jamie Town USA, as you put it?

01:31I mean, your reporting indicates that he was there every step of the way.

01:34It certainly looks by the reporting that we have on Bloomberg

01:36that Jamie was extremely involved in this building, how it should look,

01:41making sure that he had given up various important pieces of the building

01:44and how it looks to his senior management so that they were all involved,

01:48because ultimately he recognizes this was one of the most complicated, most expensive,

01:53most expansive construction projects, office construction projects,

01:57perhaps anywhere in the world, most certainly in North America.

01:59And now that it's finally coming to fruition, yes, as you walk past it,

02:03you can already see the giant lobby.

02:05Everyone's talking about the giant flag inside.

02:07Jamie would like to say it is even taller than the Empire State Building.

02:10The only caveat to that is tip to tip.

02:12So if you include the antenna on top of the Empire State Building,

02:15the Empire State still beats out J.P. Morgan's new tower.