Mar 30, 2017, 1:02pm
Chase (NYSE: JPM) will land the big campus at the Discovery Business Campus at Elliot Road and the Loop 101 freeway. The bank will be shifting a number of jobs from the Chase Tower in downtown Phoenix to the new Tempe campus.
Chase will keep some operations in downtown Phoenix. It has 2,000 workers in downtown Phoenix. Chase Tower is the tallest building in the state.
Design and construction planning will start later this year. The first phase of employees moving into the Tempe campus will happen in 2018.
JPMorgan Chase issued the following statement on the Tempe development:
"Because JPMorgan Chase is committed to the metro Phoenix market, we’ve signed an agreement to make a significant capital investment and purchase 67 acres within the Discovery Business Park, located at the northwest corner of Elliot Road and Loop 101 in Tempe. This new campus will make it easier for our employees to collaborate in providing outstanding service and solutions to customers and clients around the world. We are excited about out ability to grow our business in Arizona, as well as provide facilities, work environment and accommodations our employees need and deserve.
The move is another jobs win for the East Valley. Intel Corp. (Nasdaq: INTC) announced earlier this year a $7 billion investment and 3,000 new jobs in Chandler. Northern Trust Corp. (Nasdaq: NTRS) and State Farm have also landed big campuses in Tempe.
Chase is one of the biggest banks in the Arizona market. Bank of America (NYSE: BAC) and Wells Fargo & Co. (NYSE: WFC) are the two other big Arizona banks. They also have operations in downtown Phoenix.