NEW YORK CITY—JP Morgan Chase has signed a 10-year lease at 390 Madison Ave. for 436,905 square feet, amounting to 16 office floors and two street-level retail spaces, which will be used for a Chase bank branch. The lease is for approximately half of the 850,000 square-foot building, which is in the final stages of being renovated. Sources close to the transaction tell GlobeSt.com that asking rents for the building were between $87 and $125 per square foot.
L&L Holding is undertaking the redevelopment with Clarion Partners, on behalf of the property owner, the New York State Common Retirement Fund.
Revamping the building, originally constructed in 1952, included removing millions of pounds of steel and concrete from the building's base, and adding eight new floors to the top. Last year, construction crews increased the 24-story structure by 108 feet, creating its new height of 32 stories and 373 feet. The renovated building also has column-free spaces, updated infrastructure and a new façade of transparent, floor-to-ceiling glass.
With the JPMorgan Chase lease, 390 Madison Ave. will be 100% occupied, two months prior to its scheduled opening this summer. The building will provide space for JPMorgan Chase as it has recently announced plans to rebuild its current headquarters at 270 Park Ave.
“JPMorgan has long been a stalwart of the Grand Central District, and their continued long-term commitment will serve as a major boost to this iconic Midtown neighborhood,” says L&L Holding Company chairman and CEO, David W. Levinson.
Other tenants at 390 Madison Ave. include Shiseido Americas Corporation, which is leasing 225,818 square feet on floors 15 through 22, and the law firm Hogan Lovells, which will occupy 200,000 square feet on floors 7 through 12.
Levinson, along with an L&L Holding's David C. Berkey, Andrew Wiener and Jim Traynor represented both landlord and tenant in the JPMorgan Chase transaction.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
