HQ3 - 270 Park Avenue, New York

Setting a new standard for healthy building in New York City and around the world

JPMorgan Chase recently announced the topping out of their new headquarters at 270 Park Avenue, for which Linesight is providing cost management services. The new state-of-the-art skyscraper, designed by Foster + Partners, will be New York city’s largest all-electric tower with net-zero operational emission and exceptional indoor air quality. The 1,388-foot, 60-story structure exceeds the highest standards in sustainability, health and wellness, and sets a precedent for healthy building in New York City and around the world.

Redefining the modern workplace, with a flexible design focused on health, wellness and hospitality

270 Park Avenue redefines the modern workplace with 21st-century infrastructure, smart technology and flexible space that can easily adapt to the future of work. The building will house up to 14,000 employees in 2.5 million square feet of flexible and collaborative space. The new tower replaces an outdated facility designed in the late 1950s for 3,500 employees. Design considerations include 50% more communal space and 25% more volume of space per person, allowing for more choices in where and how employees work. Flexible, column-free floor plates will allow for easy changes to a floor’s layout and design, including inter-floor connection. 

JPMorgan Chase is partnering with experts to create a world-class wellness and hospitality experience for employees, clients and visitors. The facility will feature 2.5 times more outdoor space, a large public plaza, natural green space, and various state-of-the-art health and wellness amenities. Guests will enjoy a conference center at the top of the 60-story tower with unobstructed city views. The tower has also been designed for employees and visitors to experience a touchless journey, making it the most data-driven, high-rise building in New York City.

Services

Linesight is working diligently at providing cost-saving solutions to JPMC on their HQ3 project, through full cost management support. This includes: 

• Estimating
• Procurement strategy support 
• Change management 
• Requisition management 
• Invoice management 
• Cost reporting 
• Executive reporting 
• Budget analysis 
• PMWEB support 
• Monitoring support
• MTA and Metro North coordination

Value-add

Linesight’s involvement in the project has led to the following successful outcomes: 

Estimates have been instrumental in negotiating with contractors and understanding details contained within design drawings. On a consistent basis, estimates have typically been 5% lower than the construction manager’s budgets on a massive scale. Every estimate is broken down into the smallest detail based on accurate quantity take-offs. This gives JPMC highly granular levels of visibility of project data, so that the project can be carefully managed.

Change order support has helped JPMC save millions in cost, by supporting numerous negotiations with the construction manager and various contractors. Linesight’s detailed change order reviews and estimates have had a huge impact on driving down change order costs.

Linesight has been an effective partner in terms of monitoring on JPMC’s joint core and shell labor and unit rate review process. These reviews have resulted in lower rates on subcontracts which have led to substantial savings on change orders.