According to a report from the San Francisco Business Times, JPMorgan Chase is planning to downsize its presence at One Front Street in San Francisco. This comes more than a year after the bank acquired First Republic Bank and took over 344,010 square feet of office space in the building.
During Paramount Group’s second-quarter earnings call, executives revealed that they anticipate JPMorgan will give up “more than 50%” of their lease for nearly 242,000 square feet in the building. This lease was one of three that JPMorgan inherited from First Republic Bank at One Front Street. The other two leases are for 77,000 square feet (expiring December 2029) and 25,157 square feet (expiring December 2030).
Peter Brindley, EVP and head of real estate at Paramount Group stated that discussions are ongoing with JPMorgan regarding their downsizing plans. However he expects them to retain some portion of the expiring lease next June which covers approximately242 ,000 square feet.
