WASHINGTON — JPMorgan Chase & Co. has acquired an office building in Washington, D.C., to serve as its new regional headquarters.

WTOP-FM reported Wednesday that the global financial services firm acquired the building from JBG Smith for $140 million and will move into it in 2021.

JPMorgan Chase's expansion in the Washington, D.C., region is part of its plan to expand to 15 to 20 new markets over the next five years. The firm says it'll open 70 branches and hire 700 employees in Virginia, Maryland and the District, among other initiatives.

JPMorgan Chase Mid-Atlantic Region Chairman Peter Scher says the new regional headquarters and branch expansion will help them continue to invest in their long term and play their part in continuing to grow the economy of the region.