Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza (now known as 28 Liberty Street) in downtown Manhattan, the current temporary world headquarters for JPMorgan Chase & Co. are located at 383 Madison Avenue. In 2018, JPMorgan announced they would demolish the current headquarters building at 270 Park Avenue, which was Union Carbide's former headquarters, to make way for a newer building that will be 500 feet (150 m) taller than the existing building. Demolition is expected to begin in early 2019, and the new building will be completed in 2025. The replacement 70-story headquarters will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan. When construction is completed in 2025, the headquarters will then move back into the new building at 270 Park Avenue.