JP Morgan Subleasing More Space ?

As reported in New York Post

A juicy set of office moves are teeing up at 245 Park Ave., where JPMorgan Chase is apparently going to vacate its nearly 600,000 square feet.

The bank's goal, "tellers" say, is to consolidate at the 1.76 million square foot 277 Park Ave. where it already rents over 725,000 feet and has had many of its own floors up for sublease. There are also several contiguous floors available if the bank needs to fill in further.

Chase is being represented by a CB Richard Ellis team, which had no comment.

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The opening at 245 Park is creating an opportunistic play for tenant Société Générale, which appears to be landing in some 400,000 feet of the Chase space. The space had 10 years left on its lease.

SPACE RACE: JPMorgan Chase may be consolidating its offices at 245 Park Ave. to 277 Park Ave., which has 1.76 million square feet of space.

While some sources say the sublease is close to being signed, SocGen could still renew its current lease for 10 floors totaling 536,600 feet at 1221 Ave. of the Americas.


Read more: http://www.nypost.com/p/news/business/realestate/commercial/chase_eyes_move_CodHASHBPTcJgp0mOny5JM#ixzz0sB0tCakc