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New York & Tri-State   /   April 8, 2021

Paul Bubny
By: Paul Bubny

Dimon: Chase Will “Significantly Reduce” Office Requirements, But Committed to Building New Headquarters

JPMorgan Chase plans to “significantly reduce” its global office requirements while reconfiguring layouts, chairman and CEO Jamie Dimon wrote Wednesday in his annual shareholders’ letter. However, the bank—New York City’s largest private-sector office tenant—nonetheless intends to build its new Midtown Manhattan headquarters, which will house 12,000 to 14,000 employees.

With up to 10% of its employees shifting to remote work permanently, “Remote work will change how we manage our real estate,” Dimon wrote. “We will quickly move to a more ‘open seating’ arrangement, in which digital tools will help manage seating arrangements, as well as needed amenities, such as conference room space.”

Dimon’s letter, issued as part of the bank’s annual report, followed published reports last month that Chase was looking to sublease large blocks of space in Manhattan, totaling nearly 800,000 square feet.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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