- JP Morgan Chase signed a 250,000-SF lease at South Station Tower, one of Boston’s largest office deals since the pandemic.
- The 51-story mixed-use tower is now 65% leased, with a mix of office, luxury residential, and retail components.
- Boston’s office market is showing signs of stabilization, with declining vacancy and competitive listing rates among major US metros.
JP Morgan Chase is committing to a major new office footprint in downtown Boston, leasing 250,000 SF at Hines’ South Station Tower, reports the Commercial Property Executive. The bank is expected to relocate to the property in early 2028, marking a notable rebound in large-scale leasing activity.
A Rare Big-Ticket Deal
Large office leases have been limited in Boston’s post-pandemic environment, making JP Morgan’s deal stand out. Comparable recent transactions include Klaviyo’s 257,000-SF renewal and expansion and BNY’s 200,000-SF renewal—both completed in 2025.
The Project: Old Meets New
Completed in late 2025, South Station Tower rises 51 stories above the historic South Station Transportation Center. The 1 MSF development is a joint venture between Hines, the Boston Planning & Development Agency, and the MBTA.
The tower blends uses across its vertical footprint, with office space occupying the lower floors and 166 Ritz-Carlton-branded residences on the upper levels. Amenities include dining options, a rooftop park, and a 500-space underground parking garage.
Leasing Momentum Builds
With JP Morgan’s lease, the tower has reached 65% occupancy. The bank will span roughly eight and a half floors, joining a growing tenant roster that includes Citadel, FM, and law firm Jones Day.
The property’s prime location—near major highways, transit connections, and downtown Boston—continues to attract a mix of financial and professional services firms.
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Boston Shows Signs of Recovery
Boston’s office market is beginning to stabilize after several volatile years. Average listing rents dipped slightly to $45.87 PSF, but remain well above the national average.
At the same time, vacancy dropped sharply to 15%, placing Boston among the tighter major office markets in the country and signaling improving demand fundamentals. This comes even as many landlords continue to grapple with elevated vacancies that have driven a surge in property valuation disputes across the city.
Why It Matters
JP Morgan’s lease is a strong signal of confidence in both Boston’s office market and high-quality, transit-oriented developments. Trophy assets like South Station Tower are outperforming, even as older office stock continues to face challenges.
What’s Next
As companies reassess long-term office strategies, newer, amenitized buildings in prime locations are likely to capture the bulk of demand. South Station Tower’s continued lease-up will be a key indicator of whether Boston’s office recovery can sustain momentum.
