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PMorgan Chase plans to significantly downsize its presence in a prominent Downtown San Francisco office tower. The bank will vacate nearly three-quarters of the space at One Front Street, a 38-story trophy tower in the Financial District, reducing its footprint by 70%. This move comes after JPMorgan acquired First Republic Bank's leases when it purchased the struggling institution last year.

    The lease for the 244,000 square feet being vacated expires in June. After this downsizing, JPMorgan will retain only 102,000 square feet of offices in the building across two leases that end in 2029 and 2030. The bank has already shed some of First Republic's former space, reducing its footprint from 344,010 to 102,000 square feet.

    JPMorgan is also exploring ways to consolidate some of First Republic's employees into its existing offices at 560 Mission Street. Meanwhile, the bank has opened a new branch for J.P. Morgan Private Client next door at 111 Pine Street. This move will likely impact Paramount Group, which owns One Front Street and listed the vacated space as available in July.