JPMorgan Chase is about to ink a deal to expand its San Francisco office by 60,000 square feet as it consolidates workers called to report to their desks five days a week.
The New York-based bank is nearing a renewal-expansion deal to lease 280,000 square feet at 560 Mission Street, in the Financial District, the San Francisco Chronicle and San Francisco Business Times reported, citing unidentified sources.
Financial terms of the pending five-year lease renewal at the 670,000-square-foot JPMorgan Building owned by Los Angeles-based CommonWealth Partners were not disclosed.
JPMorgan’s existing 220,000-square-foot lease at the 31-story building was slated to expire this year.
The renewal and expansion comes as the firm is calling its employees back to the office five days a week.
The bank also wants to pile its San Francisco workforce into one tower, including its former First Republic employees now working out of that bank’s former office space at 1 Front Street.
In 2023, JPMorgan acquired the failed First Republic, which leased 750,000 square feet of offices in Downtown San Francisco, including 460,000 square feet at 1 Front Street.
JPMorgan agreed to keep 340,000 square feet of that office, and surrendered the rest to the building’s landlord, New York-based Paramount Group.
Paramount told analysts in 2024 it expected JPMorgan would downsize its offices at the 38-story, 667,100-square-foot tower. JPMorgan ultimately plans to shrink its footprint there by 244,000 square feet as leases expire, according to regulatory filings.
In October, the publicly traded company began marketing the 244,000-square-foot block of offices for lease.
After its lease expires for the 244,000 square feet at 1 Front Street, JPMorgan will have 102,000 square feet of offices left in the building across two leases that end in 2029 and 2030.
JPMorgan’s expansion at 560 Mission will give employees room to settle as the financial service firm calls them in to the office five days a week, from three days, beginning in March.
Paramount will also lose another prominent tenant at One Market Plaza, after Google announced last year it would exit its 300,000-square-foot office that it has occupied since 2018, once its lease expires in April.
— Dana Bartholomew
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