JPMorgan Chase is expanding in South Florida's booming financial services market.
JPMorgan will double the size of its office footprint at 1450 Brickell Avenue in the heart of Miami's financial district. The bank plans to increase its space in the building from 80K SF to 160K SF over the next two years, adding 400 employees to the current workforce of 500 once the renovation and expansion is complete.
The expansion will include adding meeting and function space to host client and employee events, while the renovation will upgrade work floors and common areas, the bank said in an announcement.
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The Miami offices are home to one of JPMorgan's largest international private banking operations, serving mainly Latin America clients.
"Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America as well," Jonathan Bello, co-chair of the bank's South Florida market leadership team, said in a statement.
In West Palm Beach, JPMorgan is leasing 13K SF at Related Cos.' 360 Rosemary, a tower that has attracted a bevy of top financial tenants, including Goldman Sachs and Point 72 Asset Management.
JPMorgan also is planning to open three financial centers across South Florida early next year.
In April, JPMorgan CEO Jamie Dimon disclosed that the bank is expanding its Tampa offices, which are home to more than 6,000 employees. The bank is adding 9K SF to its downtown office and upgrading three buildings that it occupies in the nearby Highland Oaks campus, which houses one of the bank's global payment centers.
JPMorgan also is planning to open new offices in Sarasota, Fort Myers and Melbourne. Florida, where JPMorgan now has 16,400 employees, has grown into the bank's third largest hub, behind New York and Texas, which each are home to more than 20,000 JPMorgan employees
In February, JPMorgan inked a two-year deal for the naming rights to the stadium in Fort Lauderdale that is home to Inter Miami CF, the MLS team featuring Lionel Messi.
According to its statement, JPMorgan serves more than 6.2M consumers and 678,000 small businesses in Florida. The bank estimates that its South Florida expansion will add $151M in economic activity to the $1.93 billion JPMorgan currently generates in the Sunshine State.
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