After investing in Philly's shipbuilding industry this summer, JPMorgan Chase is now growing its office presence in the city.
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The financial giant signed a deal to move its Philadelphia office to 62K SF on the fifth floor of 2400 Market St., where it plans to add more than 150 new jobs in the coming years, JPMorgan announced Tuesday.
JPMorgan plans to relocate employees from One Liberty Place, where it occupies 33K SF, and 1735 Market St., where it has about 10K SF, a spokesperson told Bisnow.
The deal is a sublease from food service company Aramark, which signed on in 2016 to move its headquarters to 300K SF at 2400 Market St. Aramark told the Philadelphia Business Journal in August that it planned to vacate the fifth floor while keeping the rest of its space.
The landlord, a partnership of Lubert-Adler and PMC Property Group, redeveloped the property into a 592K SF mixed-use building after securing the Aramark lease. Entertainment company Audacy also has an office in the building.
The building sits on the banks of the Schuylkill River, directly across the bridge from Amtrak's 30th Street Station. Next door to the station, the Cira Centre office building also just landed a full-floor tenant, Spring EQ.
2400 Market is outperforming its submarket. The vacancy rate in Market West rose to 24.1% last quarter, according to Savills. A Morningstar Credit report in April detailed CMBS loan distress in Market West, but it highlighted 2400 Market as a building with a positive outlook due to its high occupancy.
JPMorgan plans to renovate its new office at 2400 Market, a project it said would contribute $100M to the local economy and create more than 200 construction jobs. It said its operations in the city already contribute more than $400M to the local economy. The firm has required all employees to come into the office five days a week since early last year.
“This expansion reflects our long-term commitment to Philadelphia and our confidence in the region’s economic future,” Stephen Wright, co-chair of JPMorgan Chase's Delaware and Philadelphia market leadership team, said in a release.
The company is also making a $24M investment, including $18M in loans and $6M in grants, in the city's shipbuilding and maritime manufacturing sector. That investment, announced in July, is helping fund the construction of a 95K SF submarine manufacturing and assembly facility.
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