JPMorgan Chase announced Wednesday that it will open a new flagship branch on the Magnificent Mile, which will include services for high net worth individuals.
The two-story branch at 830 N. Michigan Ave. will have a JPMorgan Financial Center on the second level — the first of its kind in Chicago, according to the firm. A “state-of-the-art” Chase branch will be on the ground floor, according to the bank.
JPMorgan Chase said work on the new branch, at the corner of Michigan Avenue and Pearson Street, is already underway. It will open fall 2026.
Brian Hanover, head of U.S. regional communications at JPMorgan Chase, said the bank doesn’t disclose estimated costs. But he said any Chase branch is “a multi-million dollar investment,” and the 11,800-square-foot location “represents a significant investment.”
The bank will close its branches at Hancock Center and 600 N. Michigan Ave., Maria Holmes, Chase’s regional director of consumer and community banking, said. Employees at those branches will either relocate to 830 N. Michigan Ave. or another nearby Chase branch.
The flagship branch will have about 50 employees, including 14 licensed bankers and 12 private client advisers.
“It’s very much an expansion,” Holmes said. “We’re bringing two branches together into a beautiful new facility … this is just going to be so much more accessible, so much more state of the art.”
The bank, Chicago’s largest by market share, launched JPMorgan Private Client about a year ago, according to Stevie Baron, head of affluent banking at JPMorgan. It offers business banking, home lending, personal banking and wealth management services to clients that have between $1 million to $5 million in investable assets.
It’s a client base that Baron believes is both growing rapidly and is underserved. Chicago and its wealthy suburbs make the Mag Mile an ideal location for the division’s expansion.
“We believe having a targeted focus, focused on financial planning and goals-based planning and having a great service model to help these clients with all their everyday banking needs is the key value proposition to unlock the opportunity,” Baron said.
Design firm Gensler, who is leading renovations on JPMorgan Chase’s Downtown office tower, is the architect.
Baron said the branch is like “a beautiful retail space,” with a JPMorgan-branded client center and conference rooms.
The Michigan Avenue space will be JPMorgan Chase’s third co-location branch. The second-floor financial center will be one of 10 JPMorgan Financial Centers opening in 2026, joining 20 existing locations.
There are currently JPMorgan Financial Centers in California, New York, Southern Florida and Massachusetts, Baron said.
The Mag Mile and other retail corridors in Chicago have struggled with high vacancy rates after the COVID-19 pandemic took a toll on in-person shopping. But some real estate experts are starting to see an uptick in retail leasing. The Chicago Loop Alliance said in September that it’s seen nearly 35 new businesses either open, or plan to open, Loop locations this year.
“We’re bullish on Chicago,” Holmes said. “For us to create a marquee branch, I think it further illustrates to Chicago and to the people in Chicago that Chase is your bank.”