JP Morgan Chase to Develop New Headquarters
Fried Frank acted as counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location. This building will be the first major project under the City's Midtown East Rezoning Plan, which was passed in 2017 to help ensure that midtown remains one of the City's premier business districts.
Fried Frank advised JP Morgan in connection with zoning diligence for the redevelopment of 270 Park Avenue and negotiated a contract for the transfer of up to 668,000 square feet of development rights to the site.
The Firm also advised JP Morgan in connection with leasing matters related to their redevelopment plans, including the lease of approximately 437,000 square feet at 390 Madison Avenue, which is being redeveloped by L&L Holding Company and Clarion Partners, on behalf of the New York State Common Retirement Fund. The lease includes retail space that will be used for a Chase Bank branch.
Once the project's approvals are granted, redevelopment and construction are expected to begin in 2019 and take approximately five years to complete.
The Fried Frank team was led by Real Estate Department Chairman Jonathan L. Mechanic. The land use and zoning team included real estate partners Zachary Bernstein and David Karnovsky; real estate associates Melissa M. Brown, Penny King, and Nicholas R. Williams; and real estate law clerk Joshua Katz. The Fried Frank leasing team included real estate partner Jennifer A. Yashar, real estate special counsel Cyril Touchard, and real estate associate Brian Helweil.