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JPMorgan Chase Takes 436,905 SF at L&L's 390 Madison While Its Own HQ is Redeveloped

Financial Giant Leases 16 Floors at Midtown Office Tower
March 2, 2018
JPMorgan Chase has signed a 10-year lease with L&L Holding Co. to occupy the remainder of 390 Madison Ave., a redevelopment and expansion in conjunction with Clarion Partners, LLC on behalf of the New York State Common Retirement Fund.

With the lease encompassing half the 850,000-square-foot building's 32 floors, 390 Madison is officially fully leased prior to its official opening this summer. JPMorgan Chase will occupy the space under the 10-year lease, which will cover the expected five-year construction timeframe for its new corporate headquarters to be built on the site of its existing 270 Park Ave. tower.

JPMorgan’s space includes a conference center, multiple outdoor terraces and double-height amenity areas, as well as a Chase bank branch to be opened on the ground floor.

Global cosmetics company Shiseido Americas Corp. is taking 225,818 square feet on floors 15 through 22 of 390 Madison, and law firm Hogan Lovells will occupy 200,000 square feet on floors 7 through 12.

"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," L&L Holding Co. Chairman and CEO David W. Levinson said in a release.

The renovation project at 390 Madison centered around the "re-massing" of the property, with millions of pounds of steel and concrete removed from the base of the building and replaced with eight new floors at the top. Builders last year completed its structural transformation, increasing the old 24-story structure by 108 feet to its new height of 32 stories and 373 feet.

David Levinson, along with an L&L Holding team of David C. Berkey, Andrew Wiener and Jim Traynor, represented both landlord and tenant in the lease agreement.

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