City Examines JP Morgan New Lease Agreement

City Examines JP Morgan New Lease Agreement

DUBLIN, OH—The city is in talks with JP Morgan Chase Bank to have the firm fill the 165,000 sq. ft. office building at 5900 Parkwood Pl.

The City Council will hear the details of an economic development agreement proposed to the bank at its May 20 meeting. According to a city statement, the deal would allow the bank to locate 500 jobs at the building, which was recently vacated by Nationwide Insurance.

The agreement includes a $40,000 Location Grant and a two-year performance incentive of 15 percent for a three-year lease (July 2013 – July 2016), with an additional two-year performance incentive of 15 percent if an additional three-year lease extension (July 2016 – July 2019) is executed. Total incentive value is $465,000. The statement did not divulge the owner of the building.

“We are thrilled to have JPMorgan Chase expand their central Ohio corporate presence by selecting one of our Class A buildings with prime highway access and visibility,” said Colleen Gilger, the city’s economic development manager, in a statement. “We welcome this leading global financial service firm to our community and look forward to working with them as a corporate and community partner.” The council is expected to vote on the agreement at its June 10 meeting.

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