As JPMorgan Chase prepares to open its new headquarters at 270 Park Avenue, Midtown Manhattan’s office market is watching closely for signs of change. The 2.5 million-square-foot tower, designed by Foster + Partners, will house about 10,000 of the bank’s 24,000 New York employees. With another building owned by JPMorgan across the street, some observers have speculated that a “JPMorgan-centric” area could emerge in this part of Midtown.
The October ribbon-cutting led to questions about whether JPMorgan would vacate other prime office spaces it leases throughout Manhattan. However, the expected shake-up has not yet materialized. Instead of downsizing elsewhere, the bank is increasing its commitments in several locations while renovating others.
JPMorgan is currently investing $1 billion into upgrading 383 Madison Avenue—the former Bear Stearns building it acquired in 2008—across from its new headquarters. During this renovation period, the company continues to maintain significant space at multiple Midtown sites.
“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.
Recently, JPMorgan signed a sublease for an additional 60,000 square feet at nearby 390 Madison Avenue, bringing its total presence there close to half a million square feet. The bank also renewed its lease for 270,000 square feet at 237 Park Avenue and extended a separate lease for 123,000 square feet at Brookfield’s 5 Manhattan West through 2031.
Landlords are keeping an eye on potential impacts once renovations finish at properties like 383 Madison (expected completion: 2027). The end date for the new sublease at 390 Madison has not been disclosed; landlord L&L declined comment on details of that deal.
At Stahl Organization’s property at 277 Park Avenue—where JPMorgan occupies nearly half of the building—the bank renewed a lease covering 360,000 square feet late last year. Two other major leases with JPMorgan expire in March of both 2026 and 2028.
A spokesperson for Stahl Organization commented: “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.”
Plans remain uncertain regarding other properties owned or recently acquired by JPMorgan in Midtown. These include options under consideration for redevelopment or conversion—such as transforming the $300 million purchase at 250 Park Avenue into either another office tower or possibly a hotel serving employees—and future uses for 410 Madison, which was used during pandemic-era construction projects related to the new headquarters.
Meanwhile, not all assets are being retained: JPMorgan Asset Management is seeking buyers for an office property in Plaza District with an asking price around $270 million—roughly half what it sought before the pandemic began five years ago.
