NEW YORK—JP Morgan Chase has renewed and expanded its retail space at One Grand Central Place. The company will occupy 21,683 sq. ft. of space for 15 years at the W&H Properties building. Malkin Holdings L.L.C. supervises the property on behalf of the ownership.
Gene Spiegelman and Michael O’Neill of Cushman & Wakefield represented Chase in the lease negotiations, while Jared Lack of Newmark Grubb Knight Frank represented the landlord.
The expansion, which brings the building’s occupancy to 100 percent, includes 3,000 sq. ft. of ground-floor space that the company had not previously leased.
“With the additional space, Chase acquires substantial new signage and visibility in prime space on one of the most heavily trafficked blocks in Manhattan, at a major transportation hub,” said Anthony Malkin, president of Malkin Holdings.
Chase plans to remodel its 18,683 sq. ft. of second-floor space and integrate it with its new street-level facility as part of the bank’s expanded private client concierge services program.
One Grand Central Place is located directly opposite from Grand Central Terminal and is comprised of 55 stories. The property has undergone $85 million in upgrades to its windows, elevators, HVAC, public corridors and restrooms.