JPMorgan does green HQ revamp, 10 floors at a time

By Tim McLaughlin

NEW YORK, Feb 1 (Reuters) - For an example of JPMorgan Chase & Co Inc's (JPM.N: Quote, Profile, Research, Stock Buzz) green ambitions, look no further than the bank's massive corporate home improvement project.

By gutting its global headquarters at 270 Park Avenue in Manhattan, JPMorgan aims to transform a nearly half-century-old skyscraper into a shining example of environmentally conscious redevelopment.

But since the bank isn't starting from scratch, its project is different than Bank of America Corp's (BAC.N: Quote, Profile, Research, Stock Buzz) heralded plan to build a $1 billion-plus green skyscraper near Times Square.

JPMorgan also wants to transform its 50-story building from the inside out without disrupting most of its headquarters operations, executives said. Plus, when all the dust is settled, it expects it to be just as green as BofA's building.

So JPMorgan is overhauling it 10 floors at a time. Construction crews, not executives, now occupy the top floors.

They have ripped out everything; the dark wood paneling and floors, and asbestos too. All that remains are exposed girders, bare concrete, and great views of midtown Manhattan.

"This place is old and tired. You have to do something," JPMorgan Chief Administrative Officer Frank Bisignano said.

The renovated building will let in more sunlight, rooftop vegetation will reduce heat and drains will collect rain water. The water, stored in a 55,000-gallon tank in the basement, will be used to flush toilets, among other conservation steps.