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JPMorgan Expands into Additional 300,000 SF at 5 Manhattan West

Financial Services Provider to Occupy Four Floors in Q1 2018
June 12, 2017
J.P. Morgan Chase & Co. has signed a 15-year office lease to expand its presence by 306,004 square feet at the 5 Manhattan West office tower at 450 W. 33rd St. in New York City.

The financial services giant will grow from 119,193 square feet on just one floor in the building to four full floors totaling 425,197 square feet at the property. Brookfield Property Partners, which owns the building, will also welcome Whole Foods as an anchor tenant to occupy 60,000 square feet of grade-level retail space in a few months. The asset is also home to R/GA, Markit Group Ltd., Financial Information Services Agency and Brookfield.

The 16-story, 2.15 million-square-foot, 4-Star office building originally constructed in 1969 and underwent a full renovation in 2016 with new glass finishes around the entire exterior of the building. Following the renovation, asking rents at the prime Manhattan West tower have hovered between $95 and $100 per square foot. Two full-floor availabilities are listed with 265,338 contiguous square feet, with suites as small as 13,000 square feet for lease.

Bruce Mosler, Josh Kuriloff, Ethan Silverstein, Robert Lowe and Matthias Li with Cushman & Wakefield exclusively represented the landlord on the JPMorgan lease. On the Whole Foods lease, the landlord was represented by JLL and Brookfield while the tenant was represented by The Shopping Center Group.
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