Return-Path: Delivered-To: andrew@sterlingcal.com Received: from reseller401.webserversystems.com by reseller401.webserversystems.com with LMTP id IBz0M/qpqGicwgsAchKAPA (envelope-from ) for ; Fri, 22 Aug 2025 12:33:46 -0500 Return-path: Envelope-to: andrew@sterlingcal.com Delivery-date: Fri, 22 Aug 2025 12:33:46 -0500 Received: from o13.ptr1224.officeinteractive.com ([168.245.9.66]:56110) by reseller401.webserversystems.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.98.1) (envelope-from ) id 1upVe5-00000003GDU-3nsN for andrew@sterlingcal.com; Fri, 22 Aug 2025 12:33:46 -0500 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=jefftaborgroup.com; h=content-type:date:from:mime-version:subject:to:cc:content-type:date: from:subject:to; s=s1; bh=9SnCcsb6j0ntC1vwmqWLdp/tLm2cx+YNyoObYWPIbYc=; b=F5vmOYTbdnZTBX4wtDYuYOvqWiCSqlKx+e/YgyZcJ1Gyp+6GmRf8Dhd1rgn/lnsqQThY YYeg4kyGVZudtRYWme99hbQI1xQHcJnhjwoXkuPPp2+4KGDjChVe1RcmzZ0rGx/mXXIfQn xCDZgyDMmFWQaCy/JsHN+wO90g80T1W3JeA/5KVY/oiS3eHCAqcm0xT+AFp+Oq5WRUaaVM 7r6spbzXMZV21WtLpGK30UnDQXGgllbE8bOD+k/MMsIq7TJXNjBTMEROn9mBtC3ySWx21P +iBG0/j+XzMY0EpvZwmlvbdC+NRzajfucXlhR/1s7kvPVI6hvk5mXvAzDXRaZiew== Received: by recvd-7f9f4df85b-tsnrk with SMTP id recvd-7f9f4df85b-tsnrk-1-68A8A9EE-B 2025-08-22 17:33:34.058954987 +0000 UTC m=+6829410.558460683 Received: from MjEzMTA1MDQ (unknown) by geopod-ismtpd-0 (SG) with HTTP id LTlJId20Rv27SNolOQmKtQ for ; Fri, 22 Aug 2025 17:33:34.043 +0000 (UTC) Content-Type: multipart/alternative; boundary=5945799b9aca380b0181335ffba48228a782bb6c6e3eab9fa083e03537e1 Date: Fri, 22 Aug 2025 17:33:34 +0000 (UTC) From: Jeff Tabor Mime-Version: 1.0 Subject: Wall Street Journal Article Message-ID: X-SG-EID: =?us-ascii?Q?u001=2E6XgS+aMGExnB1bqZZrdrz9qzQEbZ7BEjpKh5guDijZ5HYu1dYAKq1tDEG?= =?us-ascii?Q?Tygo2l3bpRSrRRtQO=2FYwkK2RsxQ5D=2FJtWmiiTB4?= =?us-ascii?Q?lBeO32hPPvE2d+zHtdZKMumGKGUsMoRJ9wNGZtR?= =?us-ascii?Q?9vvR16=2Fc27C=2F1UWcFPVfBys5l2mzezZ1QfknuZO?= =?us-ascii?Q?kicOEE4bjt2XfMDgSWcmi=2FlXNWzbDb5d5l6HHdQ?= =?us-ascii?Q?0GMGfZBi0oDP3KLiGukl7UnT3plcXAOjHbncYDC?= =?us-ascii?Q?SXlY?= X-SG-ID: =?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3BigKqm1Q=2FI00t=2FRU2BojS3jEjNaw8hkD3ilUU?= =?us-ascii?Q?NhyqUGppSI8bpLYR4S+e5L=2F1Usbt19KyMv32RWd?= =?us-ascii?Q?O1O6KVf4tvbXQIlP1tn9PnPN55kCkcl9rGG1GRq?= =?us-ascii?Q?55U=2FoU4DEjg5LbQ=3D=3D?= To: Andrew Sterling X-Entity-ID: u001.hZHiB6kKM9UW5e2fAO4iNQ== X-Spam-Status: No, score=-4.4 X-Spam-Score: -43 X-Spam-Bar: ---- X-Spam-Flag: NO --5945799b9aca380b0181335ffba48228a782bb6c6e3eab9fa083e03537e1 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset=iso-8859-1 Mime-Version: 1.0

=20

And= rew,

The below article regarding New York City office space demand w= as out this week. Believe me, it is a far cry from demand in Southern Calif= ornia, and most of the rest of the country!

I thought you might find= this of interest…

A good comp to consider: I am, just today,= wrapping up a large new lease where we have not only negotiated seven mont= hs of free rent up front, but also a tenant improvement allowance of over $= 80.00 per square foot…the full amount we can also use as= additional rent credit! And a 5% cap on annual landlord buil= ding operating expense increases is icing on the cake!

Have a = great day, Andrew!

Sincerely,

<= td style=3D"width: 31.1334%;">

<= /td>

NYC Offices Are Back. N= othing Proves It More Than JPMorgan’s $3 Billion Tower.

Bank prepares to move thousands of employees into its new, 2.5= -million-square-foot Midtown headquarters

The JPMorgan Chase headquarters in Manhat= tan has been under development for more than six years.

The New York City office market is recovering from its pandemic= debacle faster than any other in the U.S. Nothing speaks more to the turna= round than the gleaming new office tower built for JPMorgan Chase.

After more than six years of development, the= bank is preparing to move thousands of employees into its new, 2.5-million= -square-foot headquarters at 270 Park Ave. later this month before its Octo= ber grand opening. The 60-story building is a roughly $3 billion bet that N= ew York is definitively back after years of uncertainty about whether it wo= uld maintain its leadership in business and finance.

“It’s a very big deal,” said the New York= power broker Kathryn Wylde, head of the Partnership for New York City. &ld= quo;It’s a statement about the future of New York City.”=

As the city rallies, the rest of the countr= y is slowly clawing its way back. New York City office visits, or foot traf= fic, exceeded 2019 levels for the first time in July, according to Placer.a= i, a location-analytics firm. It was the only major city to hit that milest= one. Office visits nationally were down 22% in July compared with the same = month in 2019, the firm found.

The ci= ty’s office rebound is driven by business executives who are looking = to put the days of remote work behind them.

To lure= employees back to the workplace, more companies are chasing the high-end b= uildings that Manhattan is known for. Some 2 million square feet of New Yor= k City’s trophy office space has been leased in the first half of 202= 5, surging ahead of other U.S. markets, according to the real-estate data f= irm CoStar.

=
The premier leases are going fast: Deloitte committed to 800,000 sq= uare feet at a Hudson Yards office tower on the West Side before constructi= on began.

Some of the strictest return-to-of= fice mandates are coming from New York’s bedrock industry: finance. J= PMorgan and Goldman Sachs are among the few companies that have ordered the= ir employees back to the office five days a week.

The city’s tech and law firms, including many that are s= mall and midsize, have been signing new leases. In the first quarter, leasi= ng volume accelerated in the Manhattan office market to 12.2 million square= feet, the strongest quarter since 2019, according to the real-estate firm = Savills.

At the same time, the city= ’s office glut is showing signs of easing, thanks to a sharp reductio= n in new supply in recent years and a pickup in the number of offices conve= rting to residential buildings.

JPMor= gan announced its plan to tear down its former headquarters and build one t= wice as tall in 2018. Two years later, the pandemic triggered a commercial = real-estate meltdown across New York City. Hundreds of thousands of New Yor= kers left, and those who stayed largely worked from home. Office-vacancy ra= tes hit all-time highs. Even so, the 270 Park Ave. project powered ahead.

“At no point did you have a sens= e that they pulled back,” said Mary Ann Tighe, chief executive of CBR= E’s New York Tri-State Region.

JPMorgan CEO J= amie Dimon has been leading the charge to return to New York offices. The c= ompany has been hiring at a rapid clip, and Dimon called all employees back= to the office five days a week starting in March. He has been steadily gob= bling up office space across New York to match that mandate.

<= img border=3D"0" width=3D"578" height=3D"415" src=3D"http://url9120.jefftab= orgroup.com/ls/click?upn=3Du001.CnneDJtL18c0KF7hpGsftqZdxjjaPti6PXrVEZM-2FD= zEkWlPdT0A8vhjXnbuzIoyP1KqTIr1CWf-2BGMkIB55sjksrGSi7nwPp8uhsdrwQxLvo-3DUbGv= _QXnTW6f9jV7ots26-2Fd0iCGLOO4geXRd-2FVUltDSV-2BScFI09nRwiQVARNn54-2BZEYodEo= 4yXdS12DoifmjwbvJpn-2FNDuDa-2BSAQUhHh5K7QexItBBoUqp3e8v6eUhKRkJvFb5360biWJ-= 2FnvQooqXpjyJQG39ORnnIjWqLqxfrosQscXqUqb31Bym3L5AtHyBIx82kDgq7hQ7Y2e4WS-2Ff= z50tGHJ-2BghkFznaAjng0T-2B2jz0pHocnR-2Bq9OtFpRGlXdPyCmtVB-2FLSJNkuqF9CMbUrR= RE8Jk9k1dFw3wXOsvl1DpRzsoAfhkxP70ROVD4pyynzhOwXA5pmOHLZ9U1Pu5FJyUxA-3D-3D a= lt=3D"Jamie Dimon speaking at the CEO Workforce Forum." class=3D"fr-fic fr-= dii" style=3D"width: 578px;">
JPMorgan Chase’s Jamie Dimon has= insisted that employees come back to the office.

The firm’s aggressive office footprint is concentrated in Midt= own and anchored on Park Avenue. It reflects how the stately thoroughfare c= reated in the 1800s is once again one of the hottest office markets in the = country.

Before JPMorgan settled on= building a new headquarters at its same Park Avenue location, it shopped a= round at Hudson Yards, the World Trade Center and One Vanderbilt, said Davi= d Arena, the firm’s head of global real estate. “The best corne= r on the best street, maybe in the world, is 48th and Park,” he said.=

Manhattan’s second-quarter off= ice vacancy rate of 14% remains well above prepandemic levels, according to= CBRE. A number of companies in New York have slowed hiring or even laid of= f employees in the midst of economic uncertainty. More layoffs could loom a= s companies adopt artificial intelligence for more entry-level tasks.

For now, New York City is leading the offi= ce-market recovery, aided by the city’s Midtown East zoning changes p= assed in 2017. Officials aimed to encourage the development of new trophy b= uildings around Grand Central Terminal and attract businesses to the area.<= /span>

The new JPMorgan Chase tower was the = first project proposal to take advantage of the new rules, and 270 Park set= s an example for how developers can build under the new zoning regime. It e= ventually will accommodate 10,000 employees.

“Think larger,” said Roy March, CEO of the real-estate = investment bank Eastdil Secured. “This will inspire developers and in= stitutions themselves to be part of creating something at greater scale.&rd= quo;

The tower, which was designed by the British a= rchitectural firm Foster & Partners and developed by Tishman Speyer, et= ches an imposing new figure into the Manhattan skyline.

The new JPMorgan t= ower is a $3 billion bet on the New York commercial real-estate market.

The building is sculpted into five tiers as it = climbs 1,388 feet, looming over Park Avenue skyscrapers such as the Seagram= Building, Lever House and the MetLife Building. At night, its top tiers wi= ll light up with custom designs, such as a patriotic theme on Independence = Day.

With 19 food operators, two outd= oor gardens, meditation rooms, a hair salon and a luxury fitness and wellne= ss center, the building sends a clear message to JPMorgan employees.=

“I think they know they better be the= re,” said Wylde.

Since 2023, JP= Morgan has occupied the most Manhattan office space of any private entity, = according to CBRE. Dimon bought the building across the street from the ban= k’s new headquarters.

Over the = past several years, JPMorgan leased even more office space to accommodate t= emporarily some of its 7,000 employees who had worked out of the old 270 Pa= rk Ave., while the new headquarters was under construction.

JPMorgan hasn’t said whether it would leave th= ose offices vacant after the leases expire. In any case, office brokers are= n’t worried given the high demand in New York City.

=
“What the last few years have proven is that people are willin= g to pay the highest rents ever in New York,” said David Falk, presid= ent of Newmark’s New York Tri-State Region. On the strength of the Ne= w York City office market, he added: “You couldn’t ask for anyt= hing better.”

Jeffrey A. Tabor – Founder/CEO
= Jeff= @JeffTaborGroup.com
JeffTaborGroup.com
(800) 507-6673
RE License = # 01015287

Connect with me on LinkedIn: Jeffrey A. Tabor

Jeff Tabor Group=A0| 501 W. Broadway, Suite 800= =A0| San Diego=A0| CA | 92101

Unsubscribe = | =20

--5945799b9aca380b0181335ffba48228a782bb6c6e3eab9fa083e03537e1 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=iso-8859-1 Mime-Version: 1.0

=20

And= rew,

The below article regarding New York City office space demand w= as out this week. Believe me, it is a far cry from demand in Southern Calif= ornia, and most of the rest of the country!

I thought you might find= this of interest…

A good comp to consider: I am, just today,= wrapping up a large new lease where we have not only negotiated seven mont= hs of free rent up front, but also a tenant improvement allowance of over $= 80.00 per square foot…the full amount we can also use as= additional rent credit! And a 5% cap on annual landlord buil= ding operating expense increases is icing on the cake!

Have a = great day, Andrew!

Sincerely,
<= td style=3D"width: 31.1334%;">
Jeffrey A. = Tabor – Founder/CEO
Jeff@JeffTaborGroup.com
JeffTaborGroup.com
(800) 507-6673
RE License # 01015287

Connect with me on= LinkedIn: Jeffrey A. Tabor

NYC Off= ices Are Back. Nothing Proves It More Than JPMorgan’s $3 Billion Towe= r.
Bank prepares to move thousands of employees i= nto its new, 2.5-million-square-foot Midtown headquarters

The JPMorgan Chase headquarters in Manhattan has been under= development for more than six years.
The Ne= w York City office market is recovering from its pandemic debacle faster th= an any other in the U.S. Nothing speaks more to the turnaround than the gle= aming new office tower built for JPMorgan Chase.
After more than six years of development, the bank is preparing= to move thousands of employees into its new, 2.5-million-square-foot headq= uarters at 270 Park Ave. later this month before its October grand opening.= The 60-story building is a roughly $3 billion bet that New York is definit= ively back after years of uncertainty about whether it would maintain its l= eadership in business and finance.
&l= dquo;It’s a very big deal,” said the New York power broker Kath= ryn Wylde, head of the Partnership for New York City. “It’s a s= tatement about the future of New York City.”
As the city rallies, the rest of the country is slowly clawin= g its way back. New York City office visits, or foot traffic, exceeded 2019= levels for the first time in July, according to Placer.ai, a location-anal= ytics firm. It was the only major city to hit that milestone. Office visits= nationally were down 22% in July compared with the same month in 2019, the= firm found.
The city’s office = rebound is driven by business executives who are looking to put the days of= remote work behind them.
To lure employees back to= the workplace, more companies are chasing the high-end buildings that Manh= attan is known for. Some 2 million square feet of New York City’s tro= phy office space has been leased in the first half of 2025, surging ahead o= f other U.S. markets, according to the real-estate data firm CoStar.=

The premier leases are going fast: Deloitte comm= itted to 800,000 square feet at a Hudson Yards office tower on the West Sid= e before construction began.
= Some of the str= ictest return-to-office mandates are coming from New York’s bedrock i= ndustry: finance. JPMorgan and Goldman Sachs are among the few companies th= at have ordered their employees back to the office five days a week.=
The city’s tech and law firms, includ= ing many that are small and midsize, have been signing new leases. In the f= irst quarter, leasing volume accelerated in the Manhattan office market to = 12.2 million square feet, the strongest quarter since 2019, according to th= e real-estate firm Savills.
At the sa= me time, the city’s office glut is showing signs of easing, thanks to= a sharp reduction in new supply in recent years and a pickup in the number= of offices converting to residential buildings.
JPMorgan announced its plan to tear down its former headquarter= s and build one twice as tall in 2018. Two years later, the pandemic trigge= red a commercial real-estate meltdown across New York City. Hundreds of tho= usands of New Yorkers left, and those who stayed largely worked from home. = Office-vacancy rates hit all-time highs. Even so, the 270 Park Ave. project= powered ahead.
“At no point di= d you have a sense that they pulled back,” said Mary Ann Tighe, chief= executive of CBRE’s New York Tri-State Region.
<= span style=3D'font-family: "Times New Roman", Times, serif; font-size: 15px= ;'>JPMorgan CEO Jamie Dimon has been leading the charge to return to New Yo= rk offices. The company has been hiring at a rapid clip, and Dimon called a= ll employees back to the office five days a week starting in March. He has = been steadily gobbling up office space across New York to match that mandat= e.

JPMorgan Chase’s Jamie Dimon has insisted that empl= oyees come back to the office.
The firm&rsqu= o;s aggressive office footprint is concentrated in Midtown and anchored on = Park Avenue. It reflects how the stately thoroughfare created in the 1800s = is once again one of the hottest office markets in the country.
Before JPMorgan settled on building a new headqu= arters at its same Park Avenue location, it shopped around at Hudson Yards,= the World Trade Center and One Vanderbilt, said David Arena, the firm&rsqu= o;s head of global real estate. “The best corner on the best street, = maybe in the world, is 48th and Park,” he said.
<= span style=3D"font-size: 15px;">Manhattan’s second-quarter office vacancy rate of 14= % remains well above prepandemic levels, according to CBRE. A number of com= panies in New York have slowed hiring or even laid off employees in the mid= st of economic uncertainty. More layoffs could loom as companies adopt arti= ficial intelligence for more entry-level tasks.
For now, New York City is leading the office-market recovery, ai= ded by the city’s Midtown East zoning changes passed in 2017. Officia= ls aimed to encourage the development of new trophy buildings around Grand = Central Terminal and attract businesses to the area.
The new JPMorgan Chase tower was the first project proposal= to take advantage of the new rules, and 270 Park sets an example for how d= evelopers can build under the new zoning regime. It eventually will accommo= date 10,000 employees.
“Think l= arger,” said Roy March, CEO of the real-estate investment bank Eastdi= l Secured. “This will inspire developers and institutions themselves = to be part of creating something at greater scale.”
=
The tower, which was designed by the British architectural firm Fost= er & Partners and developed by Tishman Speyer, etches an imposing new f= igure into the Manhattan skyline.
The= new JPMorgan tower is a $3 billion bet on the New York commercial real-est= ate market.
The building is sculpted into fi= ve tiers as it climbs 1,388 feet, looming over Park Avenue skyscrapers such= as the Seagram Building, Lever House and the MetLife Building. At night, i= ts top tiers will light up with custom designs, such as a patriotic theme o= n Independence Day.
With 19 food oper= ators, two outdoor gardens, meditation rooms, a hair salon and a luxury fit= ness and wellness center, the building sends a clear message to JPMorgan em= ployees.
“I think they know t= hey better be there,” said Wylde.
Since 2023, JPMorgan has occupied the most Manhattan office space of any= private entity, according to CBRE. Dimon bought the building across the st= reet from the bank’s new headquarters.
Over the past several years, JPMorgan leased even more office space= to accommodate temporarily some of its 7,000 employees who had worked out = of the old 270 Park Ave., while the new headquarters was under construction= .
JPMorgan hasn’t said whether = it would leave those offices vacant after the leases expire. In any case, o= ffice brokers aren’t worried given the high demand in New York City.<= /span>
“What the last few years have proven is that = people are willing to pay the highest rents ever in New York,” said D= avid Falk, president of Newmark’s New York Tri-State Region. On the s= trength of the New York City office market, he added: “You couldn&rsq= uo;t ask for anything better.”

Jeff Tabor Group=A0| 501 W. Broadway, Suite 800= =A0| San Diego=A0| CA | 92101

Unsubscribe | =20

--5945799b9aca380b0181335ffba48228a782bb6c6e3eab9fa083e03537e1--