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SAN FRANCISCO-Investment giant JP Morgan Chase & Co. has subleased approximately 77,600-sf of office space in San Francisco for 10 years to Zurich Insurance, a financial services company.

In May, JP Morgan Chase took its first step to occupy approximately 400,000-sf of its new headquarters, a 658,000-sf building, when it moved its technology group into the 31-story building. However, it put about 250,000-sf on the sublease market shortly afterwards.

Zurich Insurance will move into 560 Mission St., which is owned by National Office Properties, a joint venture of Hines and the California Public Employees’ Retirement System. Although lease terms were not disclosed, sources say that Chase signed on in 2000 for 15 years at a rate of about $60 per sf. The sublease rate is most likely much less.

Joe Peroila and Mike Webber of National Realty Advisors represented the Zurich, while Thomas Poggi and Angus Scott of The CAC Group negotiated on behalf of JP Morgan.

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