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https://therealdeal.com/chicago/2024/02/27/jpmorgan-chase-to-fully-renovate-namesake-chicago-tower/
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search Markets All MarketsChicagoLos AngelesNationalNew YorkSan FranciscoSouth FloridaTexas News ResidentialDevelopmentCommercialPoliticsTech Magazine Data Book 2024Current IssueIssue Archives Events New York ForumGolf ClassicLA ForumSouth Florida ForumSalon SeriesIndustry Events Podcast + Video Video TRD Brand Studio The Blueprint Coffee Talk Daily Dirt Live TRD Explains Paydirt Real Estate Master Classes Podcast Deconstruct Data Partners Brand StudioSponsoredAdvertiseEvents ExhibitorsAppliances Other About UsContact UsNewslettersPrivacy PolicySubscribeCorporate SubscriptionsAdvertiseHelp CenterCareersShop Markets All MarketsChicagoLos AngelesNationalNew YorkSan FranciscoSouth FloridaTexas News ResidentialDevelopmentCommercialPoliticsTech Magazine Data Book 2024Current IssueIssue Archives Events New York ForumGolf ClassicLA ForumSouth Florida ForumSalon SeriesIndustry Events Podcast + Video Video TRD Brand Studio The Blueprint Coffee Talk Daily Dirt Live TRD Explains Paydirt Real Estate Master Classes Podcast Deconstruct Data Partners Brand StudioSponsoredAdvertiseEvent ExhibitorsAppliances Sign inSubscribe Subscribe TRENDING Why the Barry Drillman case is such a big dealShashikant Jogani owns $3B in LA apartments — plus thousands elsewhere Buyers at 685 Fifth sue Shvo, alleging closets too largeTransfer tax campaign rhetoric heats up amid legal battle Commercial Chicago A * JPMORGAN CHASE PLANS FULL-ON RENOVATION OF NAMESAKE DOWNTOWN TOWER Enhancing amenities, redesigning office space and upgrading lobby JPMorgan CEO Jamie Dimon with Chase Tower (Getty) Feb 27, 2024, 1:56 PM By * TRD Staff Save article SHARE THIS ARTICLE * * * * * FONT SIZE AAA JPMorgan Chase just added a rare tally to the win column for downtown Chicago’s office market. The financial services giant aims to renovate its 55-story namesake tower, at 10 South Dearborn Street, from top to bottom, the Chicago Sun-Times reported. The renovation will create a more conducive work environment for its 7,200 employees, the company said. JPMorgan’s commitment to the Central Loop district is a big win for an office market that’s grappling with record-high vacancies amid lingering remote-work trends, which have prompted a slew of companies to downsize their operations since the pandemic. JPMorgan’s renovation plans represent the greatest movement downtown since Google made plans to buy and occupy the Thompson Center by 2026. “I think between Google and ourselves, there’s a lot of good that’s going to be accomplished here,” Tony Maggiore, chairman of JPMorgan’s Midwest leadership team, told the outlet. While JPMorgan has opted to stay put, a handful of other financial institutions, like Bank of America and BMO Financial Group, have relocated to Fulton Market or other parts of the West Loop, often slashing their office footprint in the process. SIGN UP FOR THE NATIONAL WEEKLY NEWSLETTER SIGN UP By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy. Andy Davidson of Transwestern highlighted the challenges JPMorgan would have faced if it had pursued a similar relocation, including the difficulty of selling its current tower amid plummeting office property values, declining rents, high interest rates and a tough lending climate. The renovation plan calls for reconfiguring office layouts to promote collaboration, redesigning the lobby and mezzanine areas and adding amenities such as a fitness center and improved food hall, the outlet said. The sunken plaza will undergo landscaping and seating redesigns, with improved public access to “The Four Seasons” mosaic by Marc Chagall. While specific costs were not disclosed, the project is expected to commence soon and take approximately two years to complete, Tony Maggiore, He noted that the enhancements would also benefit other office tenants in the building, such as Exelon. Despite downtown Chicago’s sky-high office vacancy rate, JPMorgan is optimistic about the project’s potential to rejuvenate the area while catering to the evolving needs of its workforce. —Quinn Donoghue READ MORE Chicago AmTrust investing $50M to upgrade two Loop office buildings Chicago Irvine Co. plans $30M renovation of River North skyscraper Chicago Wanxiang extends huge office loan, plans $50M overhaul of Prudential Plaza COMPANIES AND PEOPLE JPMorgan ChaseTony Maggiore TAGS RedevelopmentRenovation Top stories All Markets * All Markets * Chicago * Los Angeles * National * New York * San Francisco * South Florida * Texas * New York Buyers at 685 Fifth sue Shvo, alleging closets too large * South Florida Florida legislature passes bill allowing demo of aging coastal buildings * Chicago Two suburban office properties poised for resi redevelopment * New York War between Eliot Spitzer, Adam Leitman Bailey escalates Recommended All Markets * All Markets * Chicago * Los Angeles * National * New York * San Francisco * South Florida * Texas * Hamptons Housing Market Bounces Back * Chicago School Nears Purchase of West Loop Office Building * Houston’s Luxury Condo Market is Growing * City Council Considers Housing Emergency * Brookfield Buys Suburban chicago Industrial Properties from DWS Top stories delivered to your inbox Featured Commercial Residential Celebrity El Real Deal Weekly National Chicago Hamptons Los Angeles New York San Francisco Tri-state Texas South Florida Daily Chicago Los Angeles New York San Francisco South Florida Texas VIEW ALL NEWSLETTERS SIGN UP * About us * Contact us * Privacy policy * Terms and Conditions * Subscribe * Corporate Subscriptions * Advertise * Help center * Careers * Shop All rights reserved © 2024 The Real Deal is a registered Trademark of Korangy Publishing Inc. 450 West 31st Street, New York, NY 10001 Phone: 212-260-1332 * * * * * *