"In what would be another in a recent string of bright spots for downtown Boston's beleaguered office market, JPMorgan Chase & Co. is close to leasing around 250,000 square feet of office space at the newly built tower above South Station, the Globe has learned. The financial services behemoth will be consolidating somelocal offices, including its wealth management office at 50 Rowes Wharf, into the 51-story skyscraper, according to four real estate industry sources speaking on condition of anonymity."
"The JPMorgan lease is a big win for Hines and its $1.5 billion project, which, up until now, had struggled to land a large anchor tenant. The three office leases announced at the tower so far - for insurer FM, law firm JonesDay, and financial firm Citadel - together will occupy just over 100,000 square feet."
"The move is also another boost to the downtown office market, which has struggled with record-high vacancy since many companies embraced a hybrid work environment during the pandemic. It follows private equity firm KKR leasing 132,529 square feet at 2 International Place, where it will move from Brighton next year, and toymaker Hasbro announcing it would move its headquarters from Rhode Island to the Seaport by the end of 2026."
JPMorgan Chase is near a deal to lease roughly 250,000 square feet in the newly built 51-story tower above South Station, consolidating several local offices including its wealth management office at 50 Rowes Wharf. The tower opened with a temporary certificate of occupancy; the lower floors are office space and the upper 16 floors contain 166 Ritz-Carlton-branded condominiums. Hines developed the $1.5 billion project, which had previously signed three smaller office leases totaling just over 100,000 square feet. The move would add momentum to Boston’s downtown office market amid high vacancy rates and follows other large relocations by KKR and Hasbro.
Read at BostonGlobe.com
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