I suppose this is long overdue, their current tower is like a sister tower to One Chase Manhattan Plaza - same era, quite old. Hopefully they buy the Thompson Center.
I can’t read the article due to paywall. Is this going to be new construction or are they just looking for 1 million square feet in an existing Chicago office building? It would be insane if JPMC built massive towers in 2 cities, but I don’t see that happening.
JPMorgan Chase is looking at development sites where it could lease as much as 1 million square feet in what could lead to one of the largest office leases in Chicago history. It also could mean changes for the bank’s well-known Loop office tower.
The banking giant, which owns and occupies the 60-story Chase Tower, recently toured several sites and listened to pitches from developers looking for an anchor tenant to kick off construction of a new skyscraper, according to people familiar with the search.
Chase occupies much of the 1.9 million-square-foot tower, but it also leases space to tenants including Exelon.
It’s possible Chase could remain in its namesake tower on Dearborn Street, as it has done after previous explorations of its options in Chicago.
But there are signs pointing to a deal this time around, amid increased attention to the quality of office space as companies call workers back from home after more than a year of COVID-19 precautions.
“We do not comment on rumors about specific properties,” Chase spokesman Brian Hanover said in an email. “As standard practice, we regularly assess all of our properties globally to stay up-to-date on local market trends.”
In Chicago, Chase is believed to be looking at a wide range of space for a potential lease, going as high as 1 million square feet.