JPMorgan Chase to Expand Atlanta Footprint

Monarch Tower. Image courtesy of CommercialEdge

JPMorgan Chase & Co. is expanding its Atlanta presence by several metrics, including the addition of 40,000 square feet of office space at Monarch Tower.

The bank is the skyscraper’s largest tenant, currently occupying 93,000 square feet at Highwoods Properties‘ 527,761-square-foot building in Buckhead. CommercialEdge data shows that Highwoods acquired the Class A asset in 2015 for $165.8 million.

According to a recent CommercialEdge report, Atlanta registered one of the highest vacancy rates among the nation’s largest office markets at 20.5 percent as of February. Upwards of 10 percent of the city’s office space is subject to term loans maturing in 2022, with 29.1 percent of office loans set to mature by 2025.

In one recent high-profile deal in the metro, the Transportation Security Administration leased 44,000 square feet of office space at 1500 Centre in the Atlanta suburb of East Point, Ga. The long-term agreement brought the property to 95 percent occupancy.

JPMorgan’s expansion in Atlanta

The firm plans to add 500 employees to its Buckhead offices by the end of 2025, growing its local workforce by one-third, according to a statement announcing the opening of a Chase community center branch in the city’s Summerhill neighborhood.

Chase also plans to open 15 new branches in Greater Atlanta, which will bring its total to 110 by 2024. Roughly 30 percent of these branches will be in low-to-moderate income communities.

JPMorgan Chase Chairman & CEO Jamie Dimon praised Atlanta’s growth and prosperity over the past several years in prepared remarks, saying the city has exceeded expectations. Dimon went on to articulate his belief that the new jobs will have a direct influence on strengthening the metro’s economy.