JPMorgan Chase Inks 437 KSF Lease in Redeveloped NYC Tower
- Mar 06, 2018
JPMorgan Chase has signed a 10-year lease at 390 Madison Ave., a 32-story office redevelopment being done by a joint venture between L&L Holding Co. and Clarion Partners LLC, acting on behalf of the New York State Common Retirement Fund.
The joint venture is currently transforming the former 380 Madison, re-massing the 850,000-square-foot property through the demolition of 3 million pounds of concrete and more than 160,000 square feet to make room for the addition of several new floors atop the existing structure.
In 2017, the developers finished the tower’s structural transformation, increasing the old 24-story building by 108 feet to its new height of 32 stories and 373 feet. The original mid-20th century high-rise will now feature massive column-free spans, high ceilings, modern infrastructure, a new façade of transparent, floor-to-ceiling glass and 13 outdoor terraces.
The re-massing also allows for a series of light-filled, double-height floors and a triple-height tenant amenity space.
“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,” David Levinson, L&L Holding Co.’s chairman & CEO, said in a prepared release. “We are proud to welcome them to 390 Madison Ave.”
Under the terms of the deal, JPMorgan Chase will occupy 436,905 square feet, encompassing 16 office floors and two street-level retail spaces. The office space includes a conference center, multiple outdoor terraces and several double-height amenity areas. A Chase bank branch will take up one of the ground floor spaces.
“It is fitting that JPMorgan should choose to occupy 390 Madison, which we believe will serve as a model for the future of Midtown East with its best-in-class construction, modern amenities, collaborative outdoor spaces, tenant connectivity and green technology,” Robert Lapidus, L&L Holding Co.’s president & chief investment officer, said.
100 Percent Occupancy
In December, L&L Holding Co. signed cosmetics company Shiseido Americas Corp. to a 225,800-square-foot lease at the Midtown Manhattan office property. Shiseido will relocate its headquarters from 900 Third Ave. to eight floors of the building.
With the new lease, the high-rise has a guaranteed 100 percent occupancy for when it opens later this year. The third tenant is law firm Hogan Lovells, which will occupy 200,000 square feet on floors seven through 12.
Earlier this year, L&L Holding Co. promoted six key executives within its New York City headquarters.
Image courtesy of L&L Holding