JPMorgan Chase & Co. expanded its lease at 405 Colorado, one of the newest high-rises in downtown Austin, Texas. The project has been selected as the winner of the 2024 CoStar Impact Award for lease of the year for Austin, as judged by a local team of real estate professionals familiar with the market.
The New York-based financial institution’s lease expansion in the Texas capital showed big banks and major corporations were still active in the office market despite economic headwinds.
The office space itself was recognized for its design, energy efficiency, sustainability and technology elements.
JPMorgan Chase originally committed to 35,000 square feet and the top two floors at 405 Colorado in 2021. Last year’s expansion added a third floor, with JPMorgan Chase looking to add more employees at its Austin office in the near future.
The Austin office is led by Andy Brock and David Brewton.
About the Project: The landlord for 405 Colorado is Brandywine Realty Trust. The Philadelphia-based real estate company oversees the office building with 205,803 square feet of space and an 8,000-square-foot client center.
What the Judges Said: “Leasing new downtown office to a top tenant like JP Morgan is some much needed good news for downtown office. And banks are much more likely to come work in an office, which is always good for downtown,” said Greg Hallman, MBA senior lecturer and REIT fund director at the University of Texas at Austin.
They Made It Happen: JPMorgan Chase was represented by CBRE Executive Vice President Casey Ford, Executive Senior Vice President Katie Ekstrom and Vice Chairman Troy Holme. Brandywine Realty Trust was represented by its in-house leasing team of Blair Nelson, Clark Jones and Andrew Benavides.