JP Morgan Is Trying To Offload "Big Blocks" Of Corporate Manhattan Real Estate
The continued exodus out of New York carries on...
And it isn't just corporations packing up their entire operations and moving to tax havens like Florida, as we have noted for the last year, it's also firms cutting back on the amount of corporate real estate they use in the city. JP Morgan is the latest example, with the company reported looking to sell large blocks of its office space in Manhattan, according to Bloomberg.
The banking giant is reportedly looking to sublet about 700,000 square feet at 4 New York Plaza in the financial district, the report says. They're also looking to sublet more than 100,000 square feet at 5 Manhattan West in the Hudson Yards area.
A spokesman for the bank said: “It is too early to comment on specifics as we continue to learn and adapt to this current situation and how it impacts our commercial real estate needs. We are committed to New York and are planning for the next 50 years with our new headquarters here.”