JPMorgan Chase & Co. on Tuesday announced plans to build a new state-of-the-art technology base in Glasgow that coincides with the firm’s 20th anniversary in the city.

The building will be located on Argyle Street in the heart of Glasgow’s International Finance District, giving the firm the capacity to grow further in the city, with space for up to 2,700 employees.

It is scheduled to open its doors in 2022.

JPMorgan Chase currently employs around 2,000 people in Glasgow and said it is the largest technology employer and recruiter in Scotland.

The 270,000 sq ft building will contain large open plan office floors across 13 storeys and the project will be developed by Osborne+Co.

The development will be one of the first buildings constructed under Planning Policy CDP 5 (Resource Efficiency) of the Glasgow City Development Plan, which sets energy efficiency and CO2 emission performance standards and goes further than other UK cities.

The building is targeting BREEAM Excellent certification, the sustainability assessment method, in line with JPMorgan Chase’s global commitment to source renewable energy for 100% of its global power needs by 2020.

The new base will have 350 bicycle spaces but only 12 car parking spaces.

Lori Beer, Global Chief Information Officer, JPMorgan Chase & Co, said: “This investment is just the next step in our unwavering commitment to the city of Glasgow.

“We have enjoyed 20 years of success in the city and this has helped build our global reputation of technology innovation for our clients.

“JPMorgan Chase is proud to have a site as dynamic as Glasgow, which is testament to the expertise and hard work of our employees there.”

Stephen Flaherty, Managing Director of JPMorgan’s Glasgow Technology Centre said: “Our new home in Glasgow and our continued investment in jobs, training and development reflects the huge amount of talent available in the city.

“The technology capabilities being developed by our team here are playing a key role in enabling and supporting our customers and communities worldwide.

“Our commitment to Glasgow goes deeper still through the work we do with local schools and universities, as well as our recently announced partnership with the Glasgow Science Centre.”

First Minister Nicola Sturgeon said: “I welcome JPMorgan Chase’s continued investment in Scotland through the building of these new and sustainable Glasgow headquarters.

“With a focus on renewable energy and active travel, the company’s plans are an example to other businesses of how we can move towards a cleaner, greener economy.

“This commitment sends a strong message that even in these uncertain times, we remain open for business and shows great confidence in Scotland as a centre of excellence for financial services.”

Commenting on behalf of Glasgow’s International Financial Services District (IFSD), Councillor Susan Aitken, Leader of Glasgow City Council, said: “JPMorgan Chase’s decision to establish its Technology Centre in Glasgow 20 years ago was an important stage in the development of the IFSD.

“Over the past two decades, the spectacular growth of the firm in Glasgow has mirrored the overall growth of the city’s financial services community and its status as one of Europe’s top financial centres.

“We are hugely encouraged by the impressive scale of JPMorgan Chase’s new Glasgow office which offers significant scope for further expansion of its workforce in the city, creating new jobs for our residents, while regenerating a key city centre site.

“We very much welcome the company’s positive comments and current programs to nurture the talent pipeline emerging from our schools, colleges and universities and look forward to continuing to work closely with them in the years ahead.”