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Chase Took Center Stage in Q1’s Office Story
JP Morgan Chase figured in a pair of first-quarter highlights in Midtown’s office story. The financial services giant announced plans to demolish and redevelop its 60-year old headquarters at 270 Park Ave., then signed Q1’s biggest lease, taking 418,241 square feet at the redeveloped 390 Madison Ave. (pictured)
The 270 Park redevelopment will be first to capitalize on New York’s recently enacted East Midtown rezoning plan, enabling Chase to acquire air rights from landmarked properties to construct a significantly taller headquarters.
“JPMorgan Chase continued to position itself to access and attract the New York area’s skilled labor pool while gaining workplace efficiencies,” following the prevailing trend of consolidating workforces into single high-end buildings or campuses, said Sean Coghlan at JLL.
Class A product accounted for 15 of Midtown’s 20 largest leases in Q1 2018, according to JLL. Conversely, Midtown’s Class A asking rents were down 1.7% for Q1.
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- ◦Lease
