Business

JPMorganChase Goes Double in Miami

5 months ago

The financial services giant will also open other new offices in Florida, including one in West Palm Beach. The post JPMorganChase Goes Double in Miami appeared first on Commercial Property Executive.

JPMorganChase is planning to double its downtown Miami office footprint at 1450 Brickell to 160,000 square feet, up from 80,000 square feet over the next two years, as well as expand its physical presence in other parts of Florida.

JPMorganChase’s major expansion will include other South Florida locations, in addition to the 1450 Brickell office tower seen here. Image courtesy of CommercialEdge.

The additional space at 1450 Brickell will accommodate about 400 more bank employees across the company’s various lines of business. Currently more than 500 employees work for the bank in the building.

The expansion of Chase’s client base in Miami and South Florida is spurring the move, according to Jonathan Bello, head of Chase for Business Miami and co-chair of the company’s South Florida Market Leadership Team. He also noted that the expanded location will help the bank in its operations in Latin America.

The two-year project will renovate and expand the bank’s Miami Client Center, a meeting and function space that hosts client and employee events. The expansion will also include updated work floors, meeting rooms and common areas for the bank in the 34-story office tower.

Building amenities at 1450 Brickell include an outdoor terrace adjacent to a fitness center and conference center on the 14th floor. Other tenants include City National Bank, H.I.G. Capital, Morrison, Brown, Argiz & Farra and Boston Consulting Group.

Miami’s office market holds steady

Though office absorption in Miami was down by about 30 percent in the first quarter of 2024 compared with a year earlier, the market nevertheless tallied 700,000 square feet of positive absorption for the quarter—something not every major market can say, and which is only a little less than pre-pandemic quarterly averages, according to JLL data.

Unlike other Florida office markets, Miami has an active office development pipeline, with almost 220,000 square feet delivered during the first quarter, and more than 1.9 million square feet under development, JLL notes.

Overall direct asking rates increased 15 percent year-over-year in the first quarter to more than $60 per square foot, JLL reports. Class A direct asking rents jumped by almost 17 percent compared a year ago, with the sought-after Brickell and Miami Beach submarkets recording the largest increases.

A recent headline on the investment front is Black Lion Investment Group’s $63 million purchase of The Lincoln at 1691 Michigan Ave. The firm has plans to redevelop the building into a mixed use property that includes luxury office and retail space.

The post JPMorganChase Goes Double in Miami appeared first on Commercial Property Executive.