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Boston, MA
JPMorganChase inks deal to become the main tenant of new South Station Tower
Business
The move underscores the financial firm’s commitment to expanding in the state as it prepares to open its 100th branch.
JPMorganChase is deepening its roots in Boston, announcing Tuesday that it will move its local offices to the new South Station Tower in 2028, making it the tower’s anchor tenant.
The relocation signals the global financial firm’s continued expansion in Massachusetts, as the bank expects to open its 100th branch later this year.
“We are excited to deepen our roots in Boston and invest in the city’s future,” said Rick MacDonald, JPMorgan’s New England region manager for commercial banking, in a statement. “The move to South Station Tower represents a new chapter for our firm in Boston.”
JPMorganChase will occupy eight-and-a-half floors, which is about 250,000 square feet of the tower. The space will house about 1,000 employees. As part of the expansion, the company said it will add 300 jobs in the next several years.
In addition, the firm will continue holding onto its location at 451 D St., which has 800 employees.
Already, JPMorganChase has more than 1,600 employees working in the city through its corporate offices and Chase branches.
The move will allow the company to bring its employees under one roof in a convenient location. South Station sits above Amtrak service to New York City, where the company’s newly opened headquarters are based.
Chase opened its first retail branch in Massachusetts in 2018. It has since grown to 92 branches statewide.
“Reflecting on our journey in New England, it’s incredible to see how much JPMorganChase has expanded and evolved over the years,” said Stephen Burbage, JPMorgan’s head of institutional sales and marketing in Boston. “Our growth in the city has been remarkable.”
In December, the bank applied to the city to mount “JPMorgan” in 12-foot letters on top of the building. According to a JPMorgan spokesperson, the city is still reviewing the application.
South Station Tower is owned and developed by Hines, a global real estate investment manager. The building rises 51 stories above the transit hub and has 680,000 square feet of office space.
The developers have been working to fill the building since it first opened in September, after taking more than two decades to complete.
The top 16 floors of the tower are Ritz-Carlton condominiums. Other soon-to-be office tenants include the hedge fund Citadel, law firm Jones Day, and property insurer FM.
