June 29, 2020

JPMorgan Chase has closed on its acquisition of 410 Madison Ave. from Bank of China, according to public records. Chase paid $115 million for the 58,395-square-foot property at the corner of Madison Avenue and East 48th Street, a June 26 filing with the city’s Department of Finance shows.

The property went under contract in March of 2019 for $100 million, according to published reports. Bank of China had maintained its U.S. headquarters at 410 Madison for about 35 years, but began seeking a buyer soon after relocating its offices to 7 Bryant Park in 2017.

Chase, which is demolishing its own headquarters at 270 Park Ave. and building a new, taller tower on the site, reportedly has moved some of its employees into 410 Madison. The property is just a block away from 270 Park.

Image of 410 Madison Ave. courtesy of acronson/Wikimapia.

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Tags: Acquisition, Office