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JPMorgan Expected to Further Downsize First Republic’s Office Footprint
JPMorgan Chase is expected to further reduce its footprint at One Front Street in San Francisco more than a year after assuming 344,010 square feet of office space in the building as part of its acquisition of First Republic Bank, reported the San Francisco Business Times.
Executives at building owner Paramount Group said during a second-quarter earnings call it expects JPMorgan will give up “more than 50%” of a nearly 242,000-square-foot lease in the building that expires in 2025. The lease is one of three JPMorgan assumed from First Republic Bank at One Front, along with a 77,000-square-foot lease that expires in December 2029 and a 25,157-square-foot lease expiring December 2030.
EVP Peter Brindley, head of real estate at Paramount, said the Manhattan-based owner-operator is in discussions with JPMorgan and expects the bank to “keep some component” of the 242,000-square-foot swath at One Front expiring in June of next year.
- ◦Lease
