Monarch Tower. Picture courtesy of CommercialEdge
JPMorgan Chase & Co. is increasing its Atlanta presence by a number of metrics, together with the addition of 40,000 sq. toes of workplace house at Monarch Tower.
The financial institution is the skyscraper’s largest tenant, presently occupying 93,000 sq. toes at Highwoods Properties‘ 527,761-square-foot constructing in Buckhead. CommercialEdge knowledge reveals that Highwoods acquired the Class A asset in 2015 for $165.8 million.
In keeping with a latest CommercialEdge report, Atlanta registered one of many highest emptiness charges among the many nation’s largest workplace markets at 20.5 p.c as of February. Upwards of 10 p.c of the town’s workplace house is topic to time period loans maturing in 2022, with 29.1 p.c of workplace loans set to mature by 2025.
In a single latest high-profile deal within the metro, the Transportation Safety Administration leased 44,000 sq. toes of workplace house at 1500 Centre within the Atlanta suburb of East Level, Ga. The long-term settlement introduced the property to 95 p.c occupancy.
JPMorgan’s growth in Atlanta
The agency plans so as to add 500 staff to its Buckhead places of work by the top of 2025, rising its native workforce by one-third, based on a press release saying the opening of a Chase neighborhood middle department within the metropolis’s Summerhill neighborhood.
Chase additionally plans to open 15 new branches in Larger Atlanta, which is able to deliver its complete to 110 by 2024. Roughly 30 p.c of those branches shall be in low-to-moderate earnings communities.
JPMorgan Chase Chairman & CEO Jamie Dimon praised Atlanta’s progress and prosperity over the previous a number of years in ready remarks, saying the town has exceeded expectations. Dimon went on to articulate his perception that the brand new jobs could have a direct affect on strengthening the metro’s financial system.
