JPMorgan Chase is parting from its namesake skyscraper, Chase Tower, Dallas’ fourth-tallest building, to a smaller building half a mile away. The banking giant has signed a nearly 132,000-square-foot lease at 1900 N. Akard St. with Hunt Realty Investments and will occupy the first five floors of the 480,609-squre-foot office high-rise, as reported by the Dallas Business Journal.
Currently, JPMorgan Chase is leasing 219,412 square feet of office space at Chase Tower, according to CommercialEdge data. The company expects to finalize its move to the office complex that is home to Hunt Consolidated’s headquarters in the third quarter of 2022.
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The new space will be home to approximately 600 JPMorgan Chase employees relocating from Chase Tower, as well as from its branch at 2200 Ross Ave.
As of September, the national office vacancy rate registered a 50-basis-point drop month-over-month reaching 14.9 percent, but it is still up 130 basis points year-over-year. Within the same period, the Metroplex’s office vacancy rate decreased month-over-month, but remained higher than the U.S. average, clocking in at 18.2 percent.
Hunt’s CBD tower
Located on 1.4 acres within the city’s CBD, 1900 N. Akard St., also known as The Hunt Headquarters and Hunt Oil Tower, is LEED Silver certified and features 13,913-square-foot floorplates along with a multi-level parking structure with 480 spaces. Designed by The Beck Group Architects, the 14-story complex was built in 2006.
Just off State Route 366/Woodall Rodgers Freeway, the office high-rise is easily accessible via public transportation with several stations for the M-line Trolley as well as other transit options nearby. The tower is also located adjacent to the Dallas Museum of Art and Klyde Warren Park.
Hunt Realty Investments has owned the business park since its construction. The company has continued to enlarge its Dallas footprint in recent months. In August, Hunt obtained zoning approval for a 3.5 million-square-foot mixed-use development along Nowitzki Way. The project will encompass several high-rises with office, hospitality, retail, restaurant as well as multifamily elements. Across the Dallas-Fort Worth market, approximately 5.4 million square feet of office projects were underway as of September, with more than 3 million square feet of office space slated for delivery by the end of the year.