Hines Signs JP Morgan Chase at Boston Tower

JP Morgan Chase has leased 250,000 square feet at Hines’ new South Station Tower in downtown Boston, marking one of the largest office leases in the city since the pandemic. The bank is scheduled to relocate in early 2028, The Business Journal reported.

In the post-pandemic office landscape, large leasing deals in Boston are few and far between. These transactions include marketing automation specialist Klaviyo’s renewal and expansion at 125 Summer St. to 257,000 square feet, as well as BNY’s 200,000-square-foot lease renewal at One Boston Place, both in 2025.

The old and the new South Station Tower

South Station Tower opened in the fall of 2025, at 750 Atlantic Ave. A joint venture between Boston Planning & Development Agency, Hines and the Massachusetts Bay Transportation Authority developed the property. As one of the biggest construction projects in Boston, it entailed the redevelopment and extension of the 1899-built South Station Transportation Center, as well as the construction of a 51-story, 1 million-square-foot tower above the original building. The high-rise features office space up to the 34th floor, and 166 Ritz-Carlton-branded luxury condos on the top 17 floors. Amenities include in-tower restaurants, a rooftop park and subterranean parking with 500 spaces.

The roster features hedge fund Citadel, which occupies 11,000 square feet of office space and has already moved in at the property. Two other tenants are scheduled to take up space at South Station Tower, namely property insurer FM and law firm Jones Day—the first company to ink a deal at the high-rise. FM will occupy 50,000 square feet and Jones Day will take up 41,000 square feet. Following Hines’ deal with JP Morgan, South Station Tower is 65 percent leased. The newest tenant’s office space stretches across eight and a half floors.

The mixed-use building is just off the interchange between interstates 90 and 93, south of downtown and adjacent to Boston’s Chinatown neighborhood. The tower is also facing the United States Postal Service building and Fort Point Channel.

Boston office landscape stabilizes

January saw Boston’s average office listing rates drop 2.6 percent year-over-year to $45.87 per square foot, according to a recent Yardi Matrix report, yet still significantly higher than the national figure of $32.55 per square foot. The metro’s listing rate appeared to be in line with those registered by some of its peer markets, namely Los Angeles ($46.50 per square foot), San Diego ($45.18) and Austin ($46.04), but outpaced by Manhattan ($67.36) and the San Francisco Bay Area ($63.84).

During the same month, Boston recorded an abrupt 230-basis-point drop in vacancy to 15.0 percent, ranking fifth nationwide, trailing behind Los Angeles (14.6 percent), Tampa, Fla. (14.2 percent), Miami (13.9 percent) and Manhattan (13.1 percent).