JPMorgan Chase in talks to take space at 390 Madison Avenue
Banking giant could be taking as much as 400K sf
The biggest tenant at 390 Madison Avenue might end up being the country’s biggest bank.
JPMorgan Chase is in talks to lease almost 400,000 square feet of remaining space in the 32-story tower, according to Crain’s. L&L Holding Co. is redeveloping the property.
The building is close to three of JPMorgan’s other Manhattan offices, including its headquarters at 270 Park Avenue and its building at 383 Madison Avenue. The bank wants to leave its roughly 1 million square feet of office space at 277 Park Avenue and could use the move to 390 Madison Avenue as an opportunity to do that.
Rumors swirled in late 2016 and into last year that JPMorgan would look to move most of its office space into Hudson Yards or SL Green REalty’s One Vanderbilt. In July, the bank tripled its space at Brookfield Property Partners’ 5 Manhattan West, and now leases a total of 428,000 square feet at the building.
L&L has been removing floors at 390 Madison Avenue to increase ceiling heights and is adding new space to the property. Thus far, the law firm Hogan Lovells and the Japanese cosmetics firm Shiseido have leased space in the building. [Crain’s] – Eddie Small