JPMorgan Chase is crossing the Hudson to house its tech employees.
The bank signed a lease for a 400,000-square-foot space at 545 Washington Boulevard at the LeFrak Organization’s Newport complex, according to Bloomberg. Roughly 2,150 of JPMorgan’s technology employees will relocate there from the city.
JPMorgan is moving into brokerage and automated trader KCG Holdings’ former office space, the website reported. KCG is moving to the Mercantile Exchange building in Lower Manhattan.
“This is not a New York win and a Jersey loss or a Jersey loss and a New York win,” Richard LeFrak told Bloomberg. “For Newport, it’s a commitment from a major financial institution, to put its fin-tech workers here, not just back-office workers. They found it was an excellent place for their operations.”
Newmark Grubb Knight Frank’s Brian Waterman and Neil Goldmacher represented JPMorgan. [Bloomberg] — Claire Moses