- JPMorgan Chase signed a 60K SF sublease at 390 Madison Ave., directly across from its new $3B headquarters at 270 Park Ave.
- The bank now occupies nearly 497K SF at 390 Madison, reflecting its ongoing expansion strategy and commitment to in-person work.
- This move adds to JPMorgan’s already massive 6M SF of office space in Manhattan, making it one of the city’s largest tenants.
Expanding Beyond The Tower
JPMorgan Chase has just cut the ribbon on its 2.5M SF global HQ at 270 Park Ave. But the banking giant is already grabbing more office space, reports CoStar. The company has finalized a sublease for 60K SF at 390 Madison Ave., directly across from its new tower.
Strategic Growth
The addition brings JPMorgan’s total footprint at 390 Madison to nearly 497K SF. While 270 Park Ave. can house around 14K employees, it still doesn’t accommodate the entire NYC-based workforce. The nearby expansion ensures the firm can meet its five-day in-office work policy while maintaining flexibility.
About The Building
390 Madison is owned by the New York State Common Retirement Fund. Though terms of the sublease weren’t disclosed, demand for space in top-tier buildings like this has remained strong. Companies are increasingly opting for high-quality offices as they bring employees back in person.
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Office Market Resilience
JPMorgan’s move signals continued confidence in the Manhattan office market. Major financial firms like Blackstone, Goldman Sachs, and Fidelity have also led the return-to-office charge, helping New York office leasing rebound beyond pre-pandemic levels. Year-to-date leasing has surpassed 27M SF—more than in several pre-COVID years.
Sublease Space In Demand
Once a glut during the pandemic, sublease availability has shrunk to about 13M SF, a notable decline. With quicker move-in options and flexible lease terms, subleases have become a key solution for growing companies like JPMorgan that want to act fast.
Looking Ahead
As JPMorgan continues to modernize its office strategy—starting work on a redevelopment of 383 Madison Ave.—expect further moves that reflect its long-term confidence in NYC real estate and its evolving workforce needs.
