JPMorgan’s Midtown Reshuffle Keeps Office Market Guessing

As the opening of JPMorgan Chase’s gleaming glass-and-steel skyscraper drew near, some Midtown office landlords and brokers were quietly bracing for a shake-up.

The 2.5 million-square-foot Foster + Partners-designed tower at 270 Park Avenue is designed to accommodate roughly 10,000 of JPMorgan’s 24,000 New York employees. Across the street is another building the bank owns, paving the way for what some have described as a JPMorgan-centric neighborhood.

When CEO Jamie Dimon cut the ribbon in October on the bank’s new multibillion-dollar headquarters, it marked the start of a major migration from the company’s other Midtown offices. The financial powerhouse has occupied several prime Manhattan buildings through long-term leases, leaving some to wonder whether they would vacate those properties once the new headquarters was complete.

But despite the grand opening, the Manhattan office market is not yet feeling any ripple effects. Rather than shrinking, JPMorgan is doubling down on some leases as it undertakes a $1 billion renovation of 383 Madison Avenue, the former Bear Stearns building across the street from its new headquarters that it bought in 2008.

The bank just inked a 60,000-square-foot sublease at nearby 390 Madison, boosting its presence there to nearly 500,000 square feet. Elsewhere, it signed a multi-year renewal on its 270,000-square-foot lease at 237 Park Avenue, a win for co-owners RXR Realty and Walton Street Capital. JPMorgan has also extended its 123,000-square-foot lease at Brookfield’s 5 Manhattan West through 2031, retaining a Hudson Yards foothold.

“We continue to maintain significant space at our locations across Midtown as we fully renovate 383 Madison over the next several years,” a JPMorgan Chase spokesperson said.

Office landlords may eventually feel the pain from the JPMorgan reshuffle. Renovations at 383 Madison are expected to finish in 2027, and the expiration of the 390 Madison sublease remains unclear. Landlord L&L declined to comment on the deal, first reported by New York Business Journal.

Meanwhile, landlords with expiring leases seem to be benefitting from the hot Class A office market. At Stahl Organization’s 277 Park Avenue, where JPMorgan occupies nearly half of the 1.9 million-square-foot building, it renewed 360,000 square feet in late 2024. Two other JP Morgan leases come due in the next few years. A 639,000-square-foot lease expires in March 2026 and a 175,000-square-foot lease expires in March 2028.

The landlord is in talks on both with “top echelon tenants at record-setting rents,” a Stahl Organization spokesperson said.

“We have signed leases, leases out, and deals pending for all of Chase’s 2026 expirations. We have lots of inquiries and serious interest for their 2028 expirations,” the spokesperson said.

Nearby, several buildings stand to be renovated to further cement the bank’s “city within a city.” The firm is weighing options for 250 Park Avenue, an office building purchased last year for over $300 million, which could remain as-is, be redeveloped into a new office tower or converted into a hotel for employees. Plans for another office building at 410 Madison, acquired during the pandemic as a project office for the new headquarters, are also still undecided, according to Bloomberg.

The bank isn’t holding on to all of its office properties. JPMorgan Asset Management is looking to sell a Plaza District office building for $270 million — roughly half of what it was asking for right before the pandemic hit five years ago.