JPMorgan is shopping for up to 1M sf of office space downtown

A lease at that size would be one of largest in city’s history

Chicago /
Jul.July 07, 2021 01:01 PM
JPMorgan Chase CEO Jamie Dimon with the Chicago Chase Tower (Getty)

JPMorgan Chase CEO Jamie Dimon with the Chicago Chase Tower (Getty)

JPMorgan Chase is, well, on the chase again. The banking giant is looking at sites to relocate upwards of 1 million square feet downtown at a time when choice office space is widely available and developers are itching to build.

In what could be a record-breaking lease deal, JPMorgan reportedly is looking at a number of sites in vacant buildings as well as at least four potential new developments in the Loop and Fulton Market, according to the Chicago Tribune. If it does relocate from its namesake tower in the heart of the Loop, it has to determine what to do with that 1.9-million-square-foot skyscraper.

This isn’t the first time JPMorgan has scouted for sites, but it looks like it could actually make the move this time, the Tribune said. JPMorgan CEO Jamie Dimon has been outspoken about bringing workers back to the office, insisting that some departments work five days a week onsite.

And he’s upped the ante in New York to do it with a new “universal design” headquarters at 270 Park Avenue that has a flexible reconfiguration. At the same time, he’s told shareholders he intends to “significantly reduce” the company’s office footprint.

In Chicago, the bank owns and occupies much of the 60-story Chase Tower that is an imposing part of the city’s skyline. It opened in 1969 and has been updated a few times since, but it’s not the same as the shining new skyscrapers Bank of America is now in at 110 N. Wacker Drive or the BMO Tower under construction next to Union Station.

Real estate observers told the Tribune that JPMorgan would not want to let its competitors look better than it does in new towers, suggesting a move was imminent. If not, Chase Tower is likely to get a huge overhaul, the report said.

[Chicago Tribune] – Jennifer Waters






    Related Articles

    arrow_forward_ios
    Former Obama Fundraiser Tony Rezko’s son paid $13.7M for 22-story building site
    Former Obama Fundraiser Tony Rezko’s son paid $13.7M for 22-story building site
    Former Obama Fundraiser Tony Rezko’s son paid $13.7M for 22-story building site
    The Arlington International Racecourse (Getty)
    In Arlington Heights, brokers bullish on Bears deal
    In Arlington Heights, brokers bullish on Bears deal
    DL3’s converted South Side Target store fetches $20M
    DL3’s converted South Side Target store fetches $20M
    DL3’s converted South Side Target store fetches $20M
    Sterling Bay CEO Andy Gloor and a rendering of the project (Sterling Bay)
    Sterling Bay’s first residential project planned in West Loop
    Sterling Bay’s first residential project planned in West Loop
    Elk Grove Village to get $1B data center project
    Elk Grove Village to get $1B data center project
    Elk Grove Village to get $1B data center project
    Chicago City Council OKs 50 single-family home development in Norwood Park
    50 single-family home development in Norwood Park gets city nod
    50 single-family home development in Norwood Park gets city nod
    An early rendering of 523-45 South Wabash Street (BKV Group)
    $350M mixed-use development in Loop approved
    $350M mixed-use development in Loop approved
    The Lake Michigan complex (Navy Pier Marina)
    Developer of Chicago’s Navy Pier Marina sues city
    Developer of Chicago’s Navy Pier Marina sues city
    arrow_forward_ios

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

    Loading...