JPMorgan Chase, which acquired beleaguered First Republic Bank, will keep most of its offices at a 38-story tower in San Francisco’s Financial District.
The New York-based bank will retain three quarters of the 460,700 square feet that First Republic had leased at 1 Front Street, the Business Times reported, citing regulatory filings.
While Chase will assume 344,000 square feet of First Republic’s lease with New York-based Paramount Group, it will surrender 117,000 square feet to the landlord.
The relinquished offices “largely represented space that was not being utilized by First Republic,” Paramount said in its filing with the Securities & Exchange Commission.
Most of it, 88,200 square feet, was subleased to various firms. Those sublease agreements will expire through next year, when they will turn into direct available space unless extended.
It was in early May that the Federal Deposit Insurance Corporation seized the San Francisco-based First Republic Bank, then sold it to JPMorgan Chase for $10.5 billion. It was the second largest bank failure in U.S. history.
The 750,000-square-foot First Republic office campus in Downtown San Francisco was spread across three leases, the largest one being at 1 Front Street, according to the Business Times.
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It’s not known what will happen to First Republic’s other real estate holdings in San Francisco.
They include the failed bank’s former 158,000-square-foot headquarters it had leased since 1989 at 111 Pine Street in the Financial District, and a 132,000-square-foot office at 388 Market Street.
— Dana Bartholomew