JPMorgan Chase, the country’s largest bank, announced a major modernization and expansion of its San Francisco headquarters, where it intends to accommodate some 1,600 employees.
The bank will lease an additional 65,000 square feet in the 31-story tower at 560 Mission St., known colloquially as the JPMorgan Chase Building. The company moved into the property in 2002 and the deal will bring its total occupancy, to 280,000 square feet.
Renderings show the hallmarks of a modern office space, with a coffee bar/living room lobby, a work club that can be used as an events space, and a fitness center with a yoga studio.
JPMorgan increased its presence in San Francisco nearly overnight when it acquired First Republic Bank after its collapse in 2023. But that came in the context of the company’s broader move to reduce its portfolio in the aftermath of the pandemic.
Case in point, the bank touted 125,000 square feet that it plans to “maintain” at One Front Street, a 38-story office tower in the Financial District that previously served as the headquarters of First Republic. That represents an approximate 50% reduction from the space it previously leased at the property and nearly twice the newly announced lease footprint at Mission Street.
Last year, JPMorgan opened what it dubbed its flagship financial center catering to wealthy clients at 111 Pine St., a former First Republic location. The bank plans to open another similar location in San Francisco by 2026. This comes on the heels of JPMorgan Chase shuttering seven First Republic Bank branches after the acquisition.
The bank has also committed to bringing back its annual JPMorgan Healthcare Conference to the city next year. The event, the largest U.S. healthcare investment conference, takes place in January at the Westin St. Francis in Union Square. In recent years, however, San Francisco’s street conditions and downtown issues have been a topic of consternation for officials and bank executives.
In 2024, CEO JPMorgan Jamie Dimon took a dig at the city in a television appearance and met with the leaders of several other major companies to raise his concerns. Earlier this year, the executive ordered the bank’s employees to return to office five days a week.
JPMorgan is an executive member of Advance SF, an advocacy organization representing large employers intending to make the city more business-friendly.
The company is also a founding member of Mayor Daniel Lurie’s new Partnership for SF, a dues-paying organization with much the same purpose, chaired by Google’s Ruth Porat and billionaire Laurene Powell Jobs.
In its latest lease announcement, the bank committed to providing an additional $3.8M in philanthropic support including funding to fill empty retail spaces in Union Square through the Vacant to Vibrant program.