JPMorgan Chase triples its space at 5 Manhattan West
Bank closed on a 15-year lease for additional 300K sf
JPMorgan Chase is vastly expanding its footprint at Brookfield Property Partners’ [TRDataCustom] 5 Manhattan West, closing on a deal to take 300,000 additional square feet at the building.
The lease is for 15 years, the Wall Street Journal reported. JPMorgan already has space there, but is expanding for FinTech, its financial technology arm, according to an earlier report from Bloomberg. The lease means the bank is expanding office space for its digital teams from 125,000 square feet to 428,000 square feet.
Between 2,000 and 2,500 JPMorgan employees will eventually work at 5 Manhattan West, the bank said. The company has one floor, and will take three more in the new lease deal.
Office asking rents at the building are reportedly the $90s per square foot.
Amazon is also rumored to be taking space at 5 Manhattan West. The e-commerce giant, which occupies space at 7 West 34th Street, would take 350,000 square feet for its offices there, according to a Commercial Observer report from April.
Whole Foods is taking 60,000 square feet at the base of the building, and London-based global financial data provider Markit signed up for 140,000 square feet at 5 Manhattan West in 2015.
The 1.7 million-square-foot building at 450 West 33rd Street, which has undergone major renovations, is part of Brookfield’s five-building Manhattan West megaproject. The development also includes two other office buildings, a retail building, a garden and plaza, and a 62-story, 844-unit residential tower called the Eugene. [WSJ] — Miriam Hall