JPMorgan to expand San Francisco office in boost to downtown
[SAN JOSE] JPMorgan Chase is expanding its San Francisco office and committing its marquee healthcare conference to the city for another year, offering a boost to Mayor Daniel Lurie's effort to revitalise the downtown.
The bank plans to increase the leased space at its main San Francisco office by roughly 30 per cent to 280,000 square feet, making it a local headquarters for more than 1,600 employees, according to a statement on Monday (Apr 21). The building, 560 Mission St, will undergo a renovation and be renamed JPMorganChase Center.
JPMorgan also will maintain 125,000 square feet of space at a building it acquired in its 2023 purchase of First Republic Bank. In addition, the company committed US$3.8 million towards philanthropic efforts to support the city's downtown economy.
San Francisco has struggled more than other areas to recover from the pandemic, leaving office vacancies near record highs and hurting tax revenue. Lurie, who took office in January, has courted the city's largest business interests to spur investment in the downtown core and restore its reputation as a finance and tech hub.
JPMorgan chief executive officer Jamie Dimon met with Lurie in January during the bank's annual healthcare conference, one of the city's largest conventions. The mayor has also met with Wall Street executives including Goldman Sachs CEO David Solomon and Blackstone president Jon Gray, his calendar records show.
As part of its announcement on Monday, JPMorgan said its healthcare conference will return to San Francisco in 2026. While the event draws thousands of people each year, complaints about the city's high costs and lack of space have often spurred speculation it will move to another location.
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'San Francisco is a key growth market for JPMorgan Chase and we have been hard at work with local leaders, partners, and clients to understand how we can best deploy our resources and expertise to power continued economic growth across the city,' Tim Berry, the bank's global head of corporate responsibility, said.
The downtown is key to San Francisco's economic health. The city faces a more than US$800 million two-year budget deficit as empty offices, along with sluggish revenue from business conferences and hotel occupancy taxes, weigh on its finances.
There are signs the area is recovering. Artificial intelligence companies and billionaires have been scooping up office buildings, betting that the market is poised for a comeback.
Last week, LendingClub announced it's buying a headquarters in San Francisco for US$74.5 million, saying historically low real estate prices are an opportunity for upside as the city rebounds.
'My administration is focused on creating the conditions for growth downtown – through safer, cleaner streets and reforms to make permitting faster,' Lurie said in JPMorgan's statement. 'The message is getting out, and San Francisco is on the rise.' BLOOMBERG
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