JPMorgan Chase Expands by 305,000 SF at Manhattan West

NEW YORK CITY—JPMorgan Chase & Co., is bringing its presence at Brookfield Property Partners' Five Manhattan West office building to well in excess of 400,000 square feet.

Building owner Brookfield Property Partners reports that JPMorgan Chase has signed a new 305,000 square-foot lease for the firm's technology arm's operations. JPMorgan currently occupies 123,000 square feet at the 17-story, 1.8 million-square-foot building. The new deal will increase JPMorgan Chase's presence at the property at 450 West 33^rd St. to nearly 428,000 square feet.

Brookfield recently completed a more than $300-million redevelopment of the former warehouse building. Designed by REX Architects, the new Five Manhattan West has been re-launched as a state-of-the-art, collaborative urban space. Other office tenants in the building include Markit and R/GA. In March, Brookfield announced that Whole Foods will be taking 60,000 square feet of retail space at the building.

“Five Manhattan West's transformation from a concrete warehouse building into a striking, state-of-the-art office property is luring innovative, growing companies, and JP Morgan's decision to expand there is the latest example,” says Ric Clark, senior managing partner and chairman of Brookfield Property Group and Brookfield Property Partners. He adds that while the firm felt the 100,000-square-foot plus floor plates and floor-to-ceiling windows, would be attractive to firms, the market reaction to the newly re-launched building has greatly exceeded its own high expectations.

Manhattan West is an eight-acre, six-building mixed-use development that stretches from Ninth Avenue to 10^th Avenue and 31st to 33rd streets. At full build-out, Manhattan West will feature nearly 6 million square feet of Class-A office space (including offices for Skadden, Arps, Slate, Meagher, & Flom LLP and the new headquarters for the National Hockey League at One Manhattan West), as well as luxury residences at The Eugene, a boutique hotel with landscaped gardens and street-front retail. The NHL announced in December it had agreed to lease 160,000 square feet of space on five floors of the 2.1-million-square-foot office tower. The NHL has also agreed to a retail lase of up to 15,000 square feet for a NHL store. The 67-story One Manhattan West office building is expected to be completed in 2019.

The Eugene at Manhattan West opened earlier this year and features 844 rental units and more than 50,000 square feet of amenity space. Amenities include health and wellness programming, a rock climbing wall and golf simulator managed by La Palestra, a regulation-size indoor basketball court, and experiential-driven services provided by LIVunLtd. The Australian-influenced premium coffee shop Bluestone Lane will open in the retail space of The Eugene later this month.

NEW YORK CITY—JPMorgan Chase & Co., is bringing its presence at Brookfield Property Partners' Five Manhattan West office building to well in excess of 400,000 square feet.

Building owner Brookfield Property Partners reports that JPMorgan Chase has signed a new 305,000 square-foot lease for the firm's technology arm's operations. JPMorgan currently occupies 123,000 square feet at the 17-story, 1.8 million-square-foot building. The new deal will increase JPMorgan Chase's presence at the property at 450 West 33^rd St. to nearly 428,000 square feet.

Brookfield recently completed a more than $300-million redevelopment of the former warehouse building. Designed by REX Architects, the new Five Manhattan West has been re-launched as a state-of-the-art, collaborative urban space. Other office tenants in the building include Markit and R/GA. In March, Brookfield announced that Whole Foods will be taking 60,000 square feet of retail space at the building.

“Five Manhattan West's transformation from a concrete warehouse building into a striking, state-of-the-art office property is luring innovative, growing companies, and JP Morgan's decision to expand there is the latest example,” says Ric Clark, senior managing partner and chairman of Brookfield Property Group and Brookfield Property Partners. He adds that while the firm felt the 100,000-square-foot plus floor plates and floor-to-ceiling windows, would be attractive to firms, the market reaction to the newly re-launched building has greatly exceeded its own high expectations.

Manhattan West is an eight-acre, six-building mixed-use development that stretches from Ninth Avenue to 10^th Avenue and 31st to 33rd streets. At full build-out, Manhattan West will feature nearly 6 million square feet of Class-A office space (including offices for Skadden, Arps, Slate, Meagher, & Flom LLP and the new headquarters for the National Hockey League at One Manhattan West), as well as luxury residences at The Eugene, a boutique hotel with landscaped gardens and street-front retail. The NHL announced in December it had agreed to lease 160,000 square feet of space on five floors of the 2.1-million-square-foot office tower. The NHL has also agreed to a retail lase of up to 15,000 square feet for a NHL store. The 67-story One Manhattan West office building is expected to be completed in 2019.

The Eugene at Manhattan West opened earlier this year and features 844 rental units and more than 50,000 square feet of amenity space. Amenities include health and wellness programming, a rock climbing wall and golf simulator managed by La Palestra, a regulation-size indoor basketball court, and experiential-driven services provided by LIVunLtd. The Australian-influenced premium coffee shop Bluestone Lane will open in the retail space of The Eugene later this month.