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





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