JPMorgan Chase is consolidating its scattered Center City offices into a single, larger home at 2400 Market St., taking over space that food-service giant Aramark recently gave up, and the bank says it will hire more than 100 new workers in the Philadelphia area over the next few years. The move brings together employees currently spread across One Liberty Place, 1735 Market St., and other locations into one building overlooking the Schuylkill River, directly across from 30th Street Station.
A Single Address Replaces a Scattered Footprint
JPMorgan Chase & Co. is leaving One Liberty Place for 2400 Market St., according to The Philadelphia Inquirer, relocating more than 250 workers from that tower and from 1735 Market St. into the West Market Street building, which also houses Aramark, Audacy, and the Fitler Club. When fully occupied, the Inquirer reports, the new JPMorgan office will house 370 workers, and the bank expects roughly 200 construction workers to transform the space over about 18 months, per the bank. JPMorgan is doubling the space at its main regional corporate offices as part of the shift.
The opening came from Aramark, which is giving up roughly 62,000 square feet on the fifth floor as it consolidates its in-office staff, according to the Inquirer. That lines up with earlier reporting from the Philadelphia Business Journal, which detailed how Aramark had planned nearly 300,000 square feet across five floors when it anchored the building's 2018 opening and now occupies floors five through nine. The building itself dates back further still: it was built in the early 1920s as a Hudson Motor Car Company fabrication plant and later operated for decades as the Market Place Design Center before a $160 million joint venture between Lubert-Adler and PMC Property Group added five office floors and redeveloped it into a 592,000-square-foot, LEED Gold-certified tower in 2018, according to Lubert-Adler.
Transit Access Was a Selling Point
JPMorgan Private Bank managing director Stephen Wright, who cochairs the bank's Delaware and Philadelphia leadership team, said the nearby Amtrak station was a major advantage, per the Inquirer. The 30th Street Station stop gives employees direct access to trains bound for JPMorgan's Manhattan headquarters, and it also links the new office to the bank's sprawling operations hub in Northern Delaware. JPMorgan employs more than 12,000 people across credit card, technology, and operations divisions in that Wilmington-area center, according to the Inquirer, with the bank's leadership citing proximity to 30th Street Station as a primary advantage of the West Market Street move.
Wright said local bankers serve a wide range of customers in the region — corporate employees, small and midsized business owners and executives, home buyers, student borrowers, and mass-market customers, per the Inquirer's reporting. JPMorgan Chase currently employs more than 600 people in Philadelphia and its suburbs, the bank told the paper, a workforce that will grow once the new hires come on board. The bank also plans to open a central office for wealthy clients on the fifth floor of 2400 Market St., alongside a separate public branch planned for a former 7-Eleven at 22nd and Market streets.
Retail Branch Growth Continues Alongside the Office Move
The office consolidation runs parallel to a fast-growing retail push. JPMorgan Chase opened its first Philadelphia-area branch in 2018 and now operates 80 branches in the region, with plans for at least 20 more, according to the Inquirer. That local growth fits into a larger pattern: the bank has nearly 5,000 branches nationally, and separate reporting from MONTCO.Today found Chase has expanded to 85 branches across Greater Philadelphia since launching retail banking there in late 2018, with a target of 100 local branches by 2027 and 300 regional jobs paying starting wages between $20 and $25 an hour. MONTCO.Today reported the bank added 14 regional branches in 2026 alone.
That expansion has translated into real but still modest market share. FDIC deposit data as of June 30, 2025, showed Chase holding $2.6 billion in local deposits across southeastern Pennsylvania and South Jersey — a 73% jump from $1.5 billion in 2022 — ranking 13th among 71 financial institutions in the market, according to the Philadelphia Business Journal, which noted Chase still lags well behind regional incumbents like Wells Fargo, PNC, and Bank of America. The growth traces back to a national plan JPMorgan Chase launched in February 2024 to build more than 500 new branches, renovate 1,700 locations, and hire 3,500 workers nationwide, with Greater Philadelphia, Boston, and Tampa Bay named as priority growth markets, as reported by Fast Company.
Corporate Clients Anchor the Regional Strategy
Beyond branches, JPMorgan's regional business rests on major corporate relationships. Comcast is a large corporate customer in the region, the Inquirer reports, with Comcast co-chief executive officer Michael Cavanagh a former JPMorgan chief financial officer. Hanwha Group is another major customer; the conglomerate plans to invest $5 billion expanding Hanwha Philly Shipyard, and JPMorgan CEO Jamie Dimon, who has led the bank since 2005, visited the shipyard last summer and said he hoped to finance larger Hanwha projects, according to the Inquirer. JPMorgan is also helping finance the neighboring Rhoads Industries shipyard expansion and worker training programs, the paper reported.
The shipyard itself has an active recent history: South Korea's Hanwha Systems and Hanwha Ocean completed a $100 million purchase of Philly Shipyard from Norway's Aker ASA in December 2024, creating Hanwha Philly Shipyard to build commercial vessels and bid on U.S. Navy maintenance contracts, according to Naval News, which noted the shipyard has historically built about half of all large ocean-going U.S. Jones Act commercial vessels. JPMorgan typically manages relationships with multinational companies through investment banking groups based at its Manhattan headquarters and other major offices, though the bank also maintains a major hub in Washington, D.C., per the Inquirer.
Private Banking and Wealth Services Expand Too
JPMorgan's private banking unit has doubled its Philadelphia staff since 2021 and plans to double it again by 2031, the Inquirer reported. Colin Wetherill, head of investments and advice for JPMorgan's Mid-Atlantic region, is part of that buildout. The bank estimates more than 250,000 individual consumers and nearly 23,000 small-business customers across a Philadelphia region with a population of around 6 million, according to the paper.
Nationally, JPMorgan's largest employment center is in the Dallas area, and the bank managed $5 trillion in loans and other assets, along with just over $5 trillion in investments, as of June 30, the Inquirer reported. The Philadelphia build-out follows a wave of tenant turnover at 2400 Market St.: Audacy, which had occupied roughly 67,000 square feet on the fourth floor as its corporate headquarters, shifted its principal executive offices to Manhattan earlier this year while keeping local stations running, as Hoodline previously reported.
A Building Under Financial Strain Despite Full Occupancy
The new lease arrives even as 2400 Market St.'s ownership has faced real financial pressure. Despite the property maintaining a 99% occupancy rate, owner Lubert-Adler Real Estate Funds saw annual debt service on its $220 million floating-rate mortgage jump from $7.7 million in 2021 to $17.2 million in 2023 as interest rates rose, landing the property on CMBS servicer watchlists, according to the Philadelphia Business Journal. The same reporting found net cash flow fell $2 million below required debt service payments in 2023, underscoring how even a fully leased, high-amenity office tower can carry significant financing risk.
