JPMorgan Chase (JPM +0.2%) plans to develop a new "fintech campus" in Palo Alto, CA, that will house more than 1,000 employees, CNBC reports. Palo Alto, part of Silicon Valley, is one of the priciest commercial real estate markets in the country.
Scheduled to open in 2012, the new campus follows the bank's 2017 acquisition of payments startup WePay, a rival to PayPal and Stripe. WePay and its employees (more than 275) will move to Palo Alto from its nearby office in Redwood City.
The site developer, Truebeck Construction, says the project's first phase will be a 115,000-square-foot two-story building and the second phase includes an 80,000-square-foot edifice.
Previously: SEC launches fintech hub (Oct. 18)