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390 Madison Ave. architectural rendering 390 Madison Ave. architectural rendering

NEW YORK CITY—JP Morgan Chase has signed a 10-year lease at 390 Madison Ave. for 436,905 square feet, amounting to 16 office floors and two street-level retail spaces, which will be used for a Chase bank branch. The lease is for approximately half of the 850,000 square-foot building, which is in the final stages of being renovated. Sources close to the transaction tell GlobeSt.com that asking rents for the building were between $87 and $125 per square foot.

L&L Holding is undertaking the redevelopment with Clarion Partners, on behalf of the property owner, the New York State Common Retirement Fund.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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