Complicated deal would swap space for bank’s HQ at 383 Madison and 270 Park
SL Green Realty is floating a plan to move JPMorgan Chase from two buildings it owns in the Plaza District to the landlord’s under-construction One Vanderbilt tower.
The bank is considering SL Green’s proposal to essentially swap its headquarters at 383 Madison Avenue and 270 Park Avenue for space at the 1.7 million-square-foot building under construction overlooking Grand Central Terminal.
Decision makers at JPMorgan are open to the idea, but haven’t started negotiations with SL Green, the Wall Street Journal reported.
One of the challenges in luring the bank to the new property is that since JPMorgan owns its buildings, it’s not under any pressure to move. The bank did make it clear, however, that it would be open to relocating when it negotiated a package of tax incentives to move to the Related Companies’ Hudson Yards megaproject – a deal that fell apart in late 2014.
During a call with investors last Monday, SL Green’s Marc Holliday said the developer was working on a deal to sell a 28 percent stake in One Vanderbilt to a foreign investor. TD Bank is anchoring the under-construction tower.
The city’s biggest office landlord pulled of a blockbuster deal with another Wall Street firm earlier this year when it sold Citigroup its headquarters at 388-390 Greenwich Street in Tribeca for $2 billion. [WSJ] – Rich Bockmann