Manhattan’s Park Avenue Avoids Blow as JPMorgan Chooses to Stay
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The decision by JPMorgan Chase & Co. to keep its headquarters on Manhattan’s Park Avenue saves the Midtown neighborhood from what would have been a deep blow.
The biggest U.S. bank occupies about 11 percent of the office space in the submarket, and about 3 percent of the larger area surrounding Grand Central Terminal, according to data from Cushman & Wakefield Inc. A departure by JPMorgan theoretically could have driven the vacancy rate on Park Avenue to as high as 26 percent from the current 15.2 percent, the brokerage said.