WIN: JPMorgan Chase Announces Chase Tower Renovation

“JPMorgan Chase is kicking off a massive renovation of Chase Tower, giving a major boost to the COVID-battered Loop office market and showing the financial giant’s long-term commitment to the heart of the city.

“‘We take great pride in how we support Chicago, particularly the business district,’ said Tony Maggiore, managing director and head of the Midwest and Canada segment for middle-market banking and specialized industries at JPMorgan Chase. ‘We take that very seriously, our role in preserving the Loop and restoring some of the activity that occurred years ago.’

“By staying put at 10 S. Dearborn St., JPMorgan Chase is providing an important victory for the heart of the Loop, which is desperate to reclaim daily foot traffic and vibrancy as effects of the pandemic fade. Combined with Google’s pending transformation of the James R. Thompson Center two blocks north, the Chase Tower project stands to help put the vacancy-ridden Loop in a better light for other prospective office tenants and investors and reaffirm its status as the gravitational center of downtown business.

“The renovation, the first in more than 20 years for the 55-year-old building, will refurbish the outside plaza; update the lobby, mezzanine and food hall; and build a fitness center in addition to improving workspaces throughout the building. It also will include a new conference and client center at the top of the 60-story tower, known for its unique inward-sweeping curve, and renovate the elevator system.

“‘We are quite proud to stay in this building, but we know that it needs to be invested in,’ Maggiore told Crain’s.

“Gensler, a prolific architecture firm whose other noteworthy Chicago rehabs include the Old Post Office and the Merchandise Mart, will be the lead architect for the Chase Tower renovation. JPMorgan Chase said it set a goal of awarding 35% of the contracts for the renovation to minority- and women-owned businesses.” (Weinraub, Crain’s Chicago Business, 2/26/24)

Preservation Chicago applauds JPMorgan Chase’s commitment to renovating Chase Tower and remaining in the Loop. Chase Tower is an important building that deserves the investment. Furthermore, we are relieved that talk of a possible sale of the open plaza as a development site has dissipated. As part of this renovation effort, we encourage JPMorgan Chase to pursue Chicago Landmark Designation for both Chase Tower and Chase Plaza.

Read the full story at Crain’s Chicago Business


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