NEW YORK CITY—J.P. Morgan Chase & Co. has settled on a new location for its digital group. Despite the financial services firm's scrapping last month of its plans to move its headquarters to Hudson Yards, it does plan to establish a presence on the Far West Side with this division.
The company has signed a 10-year lease deal for about 123,000 square feet on the ninth floor of 450 W. 33rd St., a 16-story building that is part of Brookfield Property Partners' Manhattan West development. Brookfield is spending about $200 million to makeover the 1.7 million-square-foot tower.
Brookfield was represented in the deal by Cushman & Wakefield's Bruce Mosler, Josh Kuriloff, Mikael Nahmias and Ethan Silverstein. The tenant was represented by Jones Lang LaSalle's Peter Riguardi, Natasha Brown and Jim Wenk.
“This deal affirms the success of the neighborhood and the excitement around Manhattan West,” Brookfield EVP Jeremiah Larkin tells GlobeSt.com. “Clearly, more tenants are moving in so when we're pitching, we don't have to say what the neighborhood is going to be, we talk about what it is. “
He continues, “It'll have shopping, dining, and all of the amenities available in brand new office buildings that are more efficient and . technologically advanced [than older building stock].
“Five Manhattan West—or 450 W.33rd, which is where JP Morgan's digital group is going—will offer the largest floorplates in Manhattan, from 115,000 to 145,000 square feet. It'll offer 12 and a half feet of glass line all around, you just don't find that in Manhattan. And it'll have new mechanicals, new elevators and additional elevators as well as a new lobby. For all intents and purposes, it will be a brand new building.”
The lease brings the Manhattan West project closer to fruition. The site includes two office towers, a multifamily high-rise building and a hotel. In November, the company completed the construction of a platform above the West Side rail yards. And in October, law firm Skadden, Arps, Slate, Meagher & Flom LLP signed a letter of intent to move to one of the planned office towers.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
