JPMorgan Chase Expands Downtown Seattle Footprint
The financial services firm is also relocating its technology center.
Image courtesy of Yardi Matrix
JPMorgan Chase & Co. has expanded to 128,000 square feet at CommonWealth Partners’ office tower at 1301 Second Ave., in Seattle’s central business district, The Seattle Times reported. The financial services firm is adding more than 40,000 square feet at the property, occupying a total of five floors.
Following the lease signing, CommonWealth Partners’ building has changed its name from Russell Investments Center to JPMorganChase Center, to accommodate its newest and largest tenant.
The new office space can house as many as 850 of JPMorgan’s employees, the Puget Sound Business Journal wrote. In the fourth quarter, the bank is planning to relocate its technology center from its current space of 20,000 square feet at 1201 Third Ave. to JPMorganChase Center.
Seattle’s LEED Platinum skyscraper
Completed in 2006, the skyscraper on Second Avenue has been under CommonWealth Partners’ ownership since 2012. The firm purchased the 886,000-square-foot tower from Northwestern Mutual Real Estate for $480 million, Yardi Matrix data shows.
Rising 42 stories in Seattle’s central business district, the office building features floorplates of 23,000 square feet, as well as subterranean parking with more than 450 spots. The high-rise was first awarded LEED Platinum certification in 2015, then again in 2020. Other tenants include law firms Perkins Coie, Ballard Spahr Lane Powell, Hagens Berman Sobol Shapiro and Morgan Lewis & Bockius, Yardi Matrix data shows.
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JPMorganChase Center sits on the same block as the Seattle Art Museum downtown, within easy walking distance of both the Seattle Central Library and the city’s Great Wheel. The property is also within one block of the Symphony metro station on Line 1.
Seattle office market stumbles
November 2025 saw Seattle’s average office listing rates drop 5.2 percent year-over-year to $34.0 per square foot, slightly higher than the national figure of $32.77, according to a recent Yardi Matrix report. Meanwhile, Seattle’s peer markets had significantly higher average listing rates during the same time frame. As always, Manhattan stood at the top of the list with $68.38 per square foot, followed by San Francisco ($65.03 per square foot), the Bay Area ($52.49 per square foot), Boston ($48.66 per square foot) and Los Angeles ($46.38 per square foot).
The metro’s vacancy rates rose to 26.6 percent as of November 2025, up 60 basis points on a trailing 12-month basis. The national rate stood at 18.5 percent, down 90 basis points compared to the same time in 2024.
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