JPMorgan signs big lease at 390 Madison as its own HQ gets built

As expected, JPMorgan Chase has inked a big deal at L&L Holding Company’s 390 Madison Avenue to house thousands of employees while its own 70-story headquarters gets built a block away.

The banking giant signed a lease for almost 440,000 square feet across 16 floors at L&L’s 32-story building, the developer said in a news release Thursday night. Crain’s reported in January that the financial firm and L&L were in negotiations for about 400,000 square feet of space.

The 10-year lease includes two retail spaces, a conference center and outdoor terraces. The company will take up half of the space in the office building and work on floors two through six, 14 and 22 through 32.

Asking rents at the building go for between $87 and $125 per square foot.

JPMorgan recently announced that it planned to tear down its headquarters at 270 Park Avenue and replace it with a new 70-story headquarters, the first new major project under the Midtown East rezoning.  MRP Realty and Deutsche Bank Asset Management also just announced that they would buy 30,000 square feet of air rights from St. Patrick’s Cathedral under the rezoning,and other buildings that could take advantage of it include the W Hotel at 541 Lexington Avenue and the Roosevelt Hotel at 45 East 45th Street.

L&L [TRDataCustom] is in the middle of adding eight new floors to their building at 390 Madison Avenue. Other tenants signed on include law firm Hogan Lovells, and Shiseido, a Japanese cosmetics company. – Eddie Small