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Palo Alto to house JPMorgan's new tech headquarters

Banking giant set to open financial technology campus in 2020

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JPMorgan Chase & Co. is expanding its financial operations into Palo Alto, where the New York banking giant plans to break ground on a new headquarters focused on technology at Stanford Research Park by early next year.

The 10.17-acre campus, which will be dedicated to the development of financial technology -- also known as fintech -- is located on a site formerly occupied by Lockheed Martin Corporation at 3223 Hanover St. and is scheduled to open in 2020. It will house more than 1,000 employees, the company announced Friday.

Bill Wallace, head of digital, consumer and community banking, said the new campus will feature an innovation hub and make it easier for employees across multiple lines of business to collaborate and create new products and services. The company also plans to move 275 employees from Redwood City-based online payment provider WePay, which it acquired in late 2017, to the new headquarters and consolidate some of its office space in San Francisco.

"This is an important market for us and we're looking forward to expanding our footprint and attracting more of the area's top talent," Wallace said. "The addition of a first-class location is a key step for growing our presence in the Bay Area."

JPMorgan had pursued a number of other locations, including the former Theranos headquarters that shut down in September, two sources, who asked not to be named, told CNBC.

The project, which replaces existing buildings, will bring an additional 66,517 net square feet of office and research-and-development space to the site and will be completed in two phases, according to city records.

On Friday, the city approved a building permit for Phase 1 of the project, which includes the construction of a 115,000-square-foot, two-story building and a below-grade parking garage with 358 parking spaces. A separate permit will be required for Phase 2, which includes an 80,000-square-foot, two-story building above the garage along with additional surface parking and landscaping. Redwood City-based Truebeck Construction is building the campus, according to the permit.

The project site was formerly part of a 22.22-acre property designated as 3251 Hanover St. that included several buildings occupied by Lockheed Martin. The property was divided in 2016 after an affiliate of Sand Hill Property Company paid $52.5 million to acquire the ground lease from Lockheed Martin Space Systems, according to the Silicon Valley Business Journal.

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Comments

19 people like this
Posted by Online Name
a resident of Embarcadero Oaks/Leland
on Oct 23, 2018 at 11:56 am

Online Name is a registered user.

Another under-parked complex to which these financial heavyweights will surely commute by bus.


14 people like this
Posted by Investment Banker@Wells Fargo/SF
a resident of Another Palo Alto neighborhood
on Oct 23, 2018 at 1:39 pm

Outstanding. Palo Alto is now achieving even more world recognition as a leader in business, finance and high-tech innovation.

As an investment banker, it is time we finally embrace all of the lucrative economic opportunities Palo Alto has been granted over the past several decades.

From a small community that once gave rise to the burgeoning electronics industry, Palo Alto is now on the path towards greater international status.

Old time residents will just have to accept the socio-economic and demographic changes as they come with the territory.

Wealth is the venerable key to recognized success. For those who are able to viably tap into its extrinsic gifts, kudos and long may you prosper.

For others, tough luck.

Not everyone can be rich and many are simply too lazy to improve their lot in life anyway.


9 people like this
Posted by Curmudgeon
a resident of Downtown North
on Oct 23, 2018 at 7:04 pm

'Palo Alto is now on the path towards greater international status."

Wholly cow! This could finally put Palo Alto on the map.


1 person likes this
Posted by Judith
a resident of College Terrace
on Oct 23, 2018 at 7:10 pm

Great news! I agree with 'Investment Banker'. I have lived in Palo Alto for 45 years. So good to see PA on a winning streak!


3 people like this
Posted by Stephen
a resident of Duveneck/St. Francis
on Oct 23, 2018 at 8:06 pm

"Wealth is the venerable key to recognized success. For those who are able to viably tap into its extrinsic gifts, kudos and long may you prosper.

For others, tough luck.

Not everyone can be rich and many are simply too lazy to improve their lot in life anyway. "

Is this intended to be satirical? If it isn't, all I can say is what a load of self-serving manure..


5 people like this
Posted by The Truth Behind Wealth
a resident of Atherton
on Oct 23, 2018 at 8:55 pm

>> Not everyone can be rich and many are simply too lazy to improve their lot in life anyway.

Not so much lazy. Many lack either the intelligence, creative skills, athleticism, family wealth, or nefarious thought processes to be financially successful.

This is why so many fools play the lottery.


4 people like this
Posted by Mark Weiss
a resident of Downtown North
on Oct 24, 2018 at 12:52 am

Darn I was hoping this would revert to park land, more room for the Bol donkeys to graze.
Maybe for the expanding HQ of their satellite project, Jen and Perry's Capitalist Crunch.


8 people like this
Posted by Art
a resident of Barron Park
on Nov 5, 2018 at 7:58 pm

So, the building will have ~ 200 sq ft/employee. Even if buildings are being built just to replace existing ones, keeping the amount of building square footage the same or with building caps, we'll still have more employees in the new buildings .... and more traffic. The city should use a figure like 200 /sq ft alongside just square footage when considering and approving new buildings.


6 people like this
Posted by The Hand You're Dealt
a resident of Downtown North
on Nov 6, 2018 at 2:08 pm

>> Not everyone can be rich and many are simply too lazy to improve their lot in life anyway.

>>>Not so much lazy. Many lack either the intelligence, creative skills, athleticism, family wealth, or nefarious thought processes to be financially successful.

A 5-tool person has the best chances of success in America. This is dependent on:
(1) good looks; (2) reasonable intelligence; (3) inherited wealth; (4) imagination; (5) WASP ethnicity.

If you were born with (or dealt) a 'bad hand' there's always career opportunities in fast food or at Walmart.


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