JP Morgan Chase has leased 21,683 s/f of retail space for 15 years at W&H Properties’ One Grand Central Place, announced Anthony Malkin, president of Malkin Holdings LLC, which supervises W&H Properties.
The expansion, which completes the building’s retail occupancy, includes 3,000 s/f of prime ground-floor space that Chase had not previously leased.
The added space is directly opposite the busiest pedestrian entrance to Grand Central Terminal (Vanderbilt Avenue/42nd Street), and adjacent to a new Charles Schwab & Co investment center at One Grand Central Place.
Other retail neighbors with frontage on 42nd Street include Banana Republic, Bank of America, Erwin Pearl, H&M, Kenneth Cole, Sephora, and Zara.
“With the additional space, Chase acquires substantial new signage and visibility in prime space on one of the most heavily trafficked blocks in Manhattan, at a major transportation hub,” said Malkin.
Chase intends to remodel its 18,683 s/f of second-floor space and integrate it with its new street-level facility as part of the bank’s expanded Private Client “concierge” services program.
Gene Spiegelman and Michael O’Neill of Cushman & Wakefield represented Chase in the lease negotiations. Jared Lack of Newmark Grubb Knight Frank represented the landlord.