Amazon in Talks to Lease JPMorgan Tech Space Near Hudson Yards
Amazon in Talks to Lease JPMorgan Tech Space Near Hudson Yards
(Bloomberg) -- Amazon.com Inc. is in talks to sublease offices in Manhattan’s Hudson Yards neighborhood from JPMorgan Chase & Co., according to people familiar with the matter.
Amazon is looking to sublease space at 5 Manhattan West for the next five years, the people said, asking not to be named because the matter is private.
JPMorgan opened its New York tech hub at the building in 2015 and has more than 400,000 square feet of offices there. The bank put roughly a quarter of that space on the market for sublease earlier this year.
A sublease would expand Amazon’s presence at the tower, located next to the Hudson Yards development. The company originally signed a lease there in 2017.
Representatives for Amazon and JPMorgan declined to comment.
Manhattan’s office market is struggling with a record amount of supply as companies rethink how much office space they need after months of remote work. Many large tech and finance firms, including Amazon, have delayed the return due to the Delta variant surge in the U.S.
Still, the potential deal reflects the commitment of tech firms to keep offices in New York. Last year, Amazon bought Manhattan’s Lord & Taylor building and announced plans to add more than 2,000 employees in the city.
Amazon also signed a lease in December 2019 for 335,000 square feet at 410 10th Ave., not far from the JPMorgan tech hub.
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