JPMorgan to sublet office space as it ponders work-from-home

Bank marketing square footage at 4 New York Plaza and 5 Manhattan West

New York /
Mar.March 03, 2021 10:00 AM
4 New York Plaza, JPMorgan CEO Jamie Dimon and 5 Manhattan West (Hines, Getty, Wikipedia Commons)

4 New York Plaza, JPMorgan CEO Jamie Dimon and 5 Manhattan West (Hines, Getty, Wikipedia Commons)

JPMorgan Chase is marketing a big chunk of its Manhattan office space as the company re-evaluates the future of its workforce.

The New York-based bank is looking to sublet about 700,000 square feet at 4 New York Plaza in the Financial District and more than 100,000 square feet at 5 Manhattan West in the Hudson Yards area, Bloomberg News reported. Brokers at JLL are marketing the space.

The move comes as JPMorgan is building a skyscraper to replace its Park Avenue headquarters. The tower will be one of the city’s largest.

“It is too early to comment on specifics as we continue to learn and adapt to this current situation and how it impacts our commercial real estate needs,” Michael Fusco, a JPMorgan spokesman, said in an email to Bloomberg. “We are committed to New York and are planning for the next 50 years with our new headquarters here.”

JPMorgan has been consolidating its New York City workforce while expanding elsewhere in recent years. Chief Executive Officer Jamie Dimon said in a Bloomberg TV interview Monday that a “large portion” of the bank’s workers will permanently be based in offices but that a hybrid model may allow some employees the option to come in part-time or not at all.

[Bloomberg News] — Sasha Jones





    Related Articles

    arrow_forward_ios
    VTS CEO Nick Romito and Lane Technologies CEO Clinton Robinson 
    VTS to buy office-app developer for $200M
    VTS to buy office-app developer for $200M
    CRE held up through the pandemic far better than most expected (iStock)
    How commercial real estate survived the pandemic
    How commercial real estate survived the pandemic
    Harbor Group grabs $558M in financing for Black Rock purchase
    Harbor Group grabs $558M in financing for Black Rock purchase
    Harbor Group grabs $558M in financing for Black Rock purchase
    15 Farm Springs Road, Farmington, CT and The Boulevard in Yaphank, LI
(Google Maps, TheBoulevardNY.com)
    Connecticut, Long Island projects show how pandemic has changed real estate
    Connecticut, Long Island projects show how pandemic has changed real estate
    New Jersey’s office market hits wall in third quarter
    New Jersey’s office market hits wall in third quarter
    New Jersey’s office market hits wall in third quarter
    How NYC’s top real estate law firms got creative in an unusual year
    How NYC’s top real estate law firms got creative in an unusual year
    How NYC’s top real estate law firms got creative in an unusual year
    Midtown South leads Manhattan’s office market recovery: report
    Midtown South leads Manhattan’s office market recovery: report
    Midtown South leads Manhattan’s office market recovery: report
    Office workers in major cities reach pandemic-best return rates
    Office workers in major cities reach pandemic-best return rates
    Office workers in major cities reach pandemic-best return rates
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...