Banking and financial services company J.P. Morgan Chase & Co. has signed a letter of intent to develop a new regional campus in Plano’s Legacy West to bring 6,000 North Texas employees.
The $2 billion mixed-use development long has been rumored as the top choicefor J.P. Morgan Chase’s project.
“Because JPMorgan Chase is committed to the Dallas-Fort Worth market, we’re making a significant capital investment in building a world-class campus at Legacy West in Plano,” J.P. Morgan Chase Spokesman Greg Hassell said. “This campus will serve more than 6,000 employees and support all of our lines of business.”
Construction is expected to begin this year. The company has yet to name an architect or general contractor for the new multi-building campus.
The new campus will make it easier for the company’s employees to collaborate on business and will reduce J.P. Morgan Chase (NYSE: JPM)’s real estate operating costs in Dallas-Fort Worth.
With the savings, the company plans to reinvest in its campuses, Hassell added.
For the past year, J.P. Morgan Chase has been shopping for 50 acres to 75 acres of land from Las Colinas to McKinney to the north end of the Dallas North Tollway.
The site would ultimately house a 1 million-square-foot campus for about half of the firm’s North Texas employees (they have more than 12,000 employees in the region).