JP Morgan Chase Signed SoCal Lease Renewals Last Quarter Totaling 318K SF
By Nick Trombola October 4, 2024 5:36 pm
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The Southern California office market is still reeling in the wake of the pandemic nearly five years later, but two recent, major lease deals from J.P. Morgan Chase have helped propel the region to a new post-COVID high.
The financial behemoth in the third quarter signed a renewal for its 155,600-square-foot office at 3 Park Plaza in Irvine, Calif., and a 162,713-square-foot renewal and expansion deal for its office at 2029 Century Park East in Century City, according to a pair of new market reports from Savills.
The smaller deal at 3 Park Plaza, a 1.6 million-square-foot complex known as the Jamboree Center, comes by way of landlord the Irvine Company. Cushman & Wakefield is currently marketing a chunk of the plaza for lease on its website, though it’s unclear if C&W was involved in the deal. Other details of the renewal were not immediately available.
J.P. Morgan Chase and Hines own the Century City building, dubbed Century Plaza Towers. The group in 2019 acquired a hefty $1.2 billion CMBS refinancing on the 2.4 million-square-foot complex by way of Deutsche Bank, Wells Fargo and Morgan Stanley. Other details of J.P. Morgan Chase’s lease renewal and expansion were also not immediately available.
Representatives for J.P. Morgan Chase and Savills declined to comment. A representative for the Irvine Company did not immediately respond to a request for comment.
Office leasing activity in L.A. this past quarter saw a 27 percent boost year-over-year, according to Savills’ report, largely thanks to deals like those from J.P. Morgan Chase, the Southern California Gas Company and others. Yet office availability in L.A. is still climbing, rising 180 basis points year-over-year this past quarter to 28.3 percent.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
