JPMorgan Chase Leases Five Floors at Chicago’s Citadel Tower

JPMorgan Chase is expanding its space in the Loop while it renovates its longtime Chicago headquarters just a block away.

The banking giant has added more than 126,000 square feet at the Citadel Center, bringing its presence to 321,000 square feet and temporarily making it the largest tenant in the 37-story building at 131 South Dearborn Street, Crain’s reported.

The space spans five floors, with leases extending through 2026 and 2029.

The deal gives the company breathing room during its full-scale renovation of Chase Tower, the 56-year-old skyscraper at 10 South Dearborn Street that has been the firm’s Chicago HQ since 1969. The overhaul includes a new lobby and plaza, upgraded fitness and conference centers and modernized elevators and workspace. Construction is expected to wrap next year.

JPMorgan’s short-term lease reinforces CEO Jamie Dimon’s hardline stance on in-person work.

The firm scrapped its hybrid policy this year and mandates five-day office attendance for most employees.

The lease is a win for the Citadel Center’s ownership group, a joint venture between TPG Angelo Gordon and Hines, at a time when downtown office landlords are facing stiff headwinds.

The tower has struggled with tenant turnover in recent years, losing its namesake tenant Citadel, which relocated its headquarters to Miami but still leases 315,000 square feet in the building. Citadel is reportedly negotiating to cut its space by over 80 percent and move to River North.

The deal also fills some of the space recently vacated by Sprout Social and could give the property additional momentum amid ongoing talks with Bain & Company, which is reportedly eyeing a 175,000-square-foot lease in the tower.

JPMorgan has the option to extend its lease through 2029, but sources said it must exercise that option by the end of this year. The company has about 7,200 employees working out of its Chicago offices.

— Judah Duke