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JPMorgan looks to cut office space in Manhattan - Bloomberg News

·1-min read
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York

(Reuters) - JPMorgan Chase & Co is looking to sublet big blocks of office space in Manhattan, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.

The bank is looking to sublet just under 700,000 square feet at 4 New York Plaza in the Financial District and more than 100,000 square feet at 5 Manhattan West in the Hudson Yards area, the report said. (https://bit.ly/3bT02Vj)

Due to COVID-19 pandemic-led lockdowns and stay-at-home orders, fewer people have been going to office, which has prompted companies to reassess the need for real estate.

"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," a spokesperson for the bank said.

Real estate broker Jone Lang LaSalle is marketing JPMorgan's space, the report said.

In October, JPMorgan Chief Executive Officer Jamie Dimon said JPMorgan would press ahead with its plans to build a large headquarter in New York that is scheduled to open in 2024. (https://reut.rs/3uNyqcZ)

(Reporting by Niket Nishant in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Shinjini Ganguli)