JP Morgan Expands to 497K SF at 390 Madison After 270 Park Opening
By Isabelle Durso December 8, 2025 4:36 pm
reprints
Banking giant J.P. Morgan Chase may have just opened its new 2.5 million-square-foot headquarters building at 270 Park Avenue, but it’s not done taking new office space in Midtown just yet.
The Jamie Dimon-led bank has expanded its offices at L&L Holding Company’s 390 Madison Avenue while it redevelops its 47-story office counterpart to 270 Park at 383 Madison Avenue, according to a source with knowledge of the deal. The New York State Common Retirement Fund (NYSCRF) owns 390 Madison, while L&L is the developer and manager of the building.
J.P. Morgan signed a 60,000-square-foot sublease at the 32-story 390 Madison, according to the New York Business Journal, which first reported the news. The sublease brings J.P. Morgan’s total footprint at the property to 496,905 square feet, as the bank took 436,905 square feet across 16 full office floors and two retail spaces in the building in March 2018, as Commercial Observer previously reported.
The length of the sublease, sublandlord, brokers and asking rent were unclear. A report from Newmark found office rents in Midtown averaged $79.13 per square foot during the third quarter of 2025.
Spokespeople for J.P. Morgan, L&L and the NYSCRF did not immediately respond to requests for comment.
News of the deal comes after J.P. Morgan’s $4 billion, 60-story HQ at 270 Park had its official ribbon-cutting in October, roughly six years after demolition at the space began in 2019. Designed by renowned architect Norman Foster, 270 Park will be primarily occupied by J.P. Morgan in the form of 10,000 of the company’s 24,000 employees in New York City, NYBJ reported. The property’s retail space will also be filled by 19 restaurants approved by Danny Meyer, coffee shops, a gym and a pub known as Morgan’s, CO reported.
J.P. Morgan’s expansion at 390 Madison is part of its effort to take more office space near its new HQ for the rest of its New York City-based employees, according to the NYBJ. That effort seems to be going well, as the bank already has nearly 6 million square feet of office space in the city, Bloomberg reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
