Wednesday, August 02, 2017

JP Morgan Chase to begin moving thousands of employees into wind-powered campus

In about a month, thousands of JP Morgan Chase & Co. (NYSE: JPM) employees will begin to move into the financial giant's new regional campus in Plano's Legacy West — a hub powered in part by wind energy.

The move into the 1 million-square-foot campus within Legacy West will be the first of a multi-phased consolidation bringing about half of the financial giant's North Texas workforce under one roof in phases beginning in September and rolling through 2018 to 2019.
So far, the consolidation is on track for delivery, said David Owen, the company's chief administrative officer, who is overseeing the project.

"We are nicely on track," Owen told the Dallas Business Journal."I was down there a month ago and walked around the campus with the team and we are on track with construction."

This will be the biggest employment site in North Texas for JP Morgan Chase, with about 6,000 employees expected to work within the Legacy West location upon its completion. The financial firm employs about 12,000 throughout the region.

JP Morgan Chase has been evaluating its real estate in North Texas as it looks to consolidate operations or bring a critical mass of employees together. And the Plano campus is a key example of how the firm wants to manage its future office operations, Owen said.

"We like to invest in top-notch office buildings and we like having campuses where we have a critical mass of employees," he said. "We like to put in great amenities and we like this model. We will get this one under our belt and focus on what happens next."

JP Morgan Chase has a significant presence in downtown Dallas. The firm also has about 3,500 employees in Fort Worth.

The financial firm topped out on its campus earlier this year, with construction slated to finish before the end of the year.

To power the Plano campus, as well as other real estate ventures, JP Morgan Chase's global real estate and commodities division has executed a 20-year power purchase agreement with a subsidiary of NRG Energy Inc. to support a 100-megawatt wind farm in Erath County, Texas.

The deal is slated to become operational at the end of 2017 and will provide electricity for about 75 percent of JP Morgan Chase's energy consumption in Texas. About 13 percent of the firm's energy consumption in the United States will come from the Texas wind farm.

This wind farm will also pride about 75 percent of the power to the financial firm's new Plano campus.

Throughout JP Morgan Chase's global real estate portfolio spanning 60 countries with about 75 million square feet of real estate, Owen said the company will save tens of millions of dollars by focusing on renewable energy sources.