JPMorgan Chase plans for growth with larger Cincinnati office lease

JPMorgan Chase has expanded the footprint of its Cincinnati private banking office by nearly 50% in Sycamore Township.

JPMorgan Private Bank recently signed an early renewal and long-term expansion of its lease at 8044 Montgomery Road.

“We’re always evaluating the needs of our consumers and the needs of our community, and when expansion or relocation needs to take place, that’s something we take seriously,” Stephanie Gostomski, vice president of regional communications at JPMorgan Chase, told the Business Courier.

The Cincinnati team, helmed by Executive Director Patrick Dolle, will move from 17,000 square feet across the first and third floors into around 25,000 square feet of continuous space on the second floor of the building, which was formerly known as Towers of Kenwood and now simply goes by “8044.”

Gostomski said the expanded office presence will accommodate the Cincinnati team’s expected growth. It currently numbers around 60, but its current growth strategy puts it on track to grow by around 33%, to 80 team members, in the foreseeable future.

Viking Partners owns the 401,000-square-foot building. 8044 is the rare suburban office building that’s fully stabilized with an occupancy rate over 95%, according to the commercial real estate firm, whose headquarters office is located in the same building.

“The building obviously benefits from superior location off I-71 and centricity to clientele like JPMorgan’s,” Jeff Sluzala, Viking Partners director of asset management, told the Courier. “But we also believe that the strong performance of 8044, compared to both the national and hyper-local market, is a testament to our investment in and proactive management of the asset.”

Viking Partners purchased the building in May 2019 for $80.6 million, including $22.3 million in cash. The purchase was a joint venture with a fund managed by DRA Advisors LLC.

The building dates from 1987. Viking Partners added amenities including a fitness center and dining spaces during the Covid-19 pandemic to lure and retain tenants.

Horan, an employee benefits firm, became the second-largest tenant in the building in October 2022 when it moved into 34,000 square feet of renovated space.

“JPMorgan’s early renewal and long-term expansion of their lease affirms our commitment to making 8044 one of the best places to work in suburban Cincinnati,” Sluzala said. “Since acquiring the asset in 2019, we’ve invested heavily in upgrading amenities and creating an environment where businesses are proud to bring their employees and clients.”

For Media Inquiries:

Hannah Duckworth

Viking Partners

(513) 297-3683 | [email protected]

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