JP Morgan signed the largest office lease contract in decades in Argentina

JP Morgan Chase, the largest bank in the world, signed the largest corporate lease agreement in Buenos Aires in the last 20 years, as part of an ambitious growth plan aimed at strengthening its presence in Argentina and doubling its operational capacity in the country, following the success of the economic plan of the Government of Javier Milei.

The American financial entity announced a significant investment in its local infrastructure, which includes signing a long-term contract to occupy more than 20 floors in a new office complex under construction. This development is located at the intersection of Manuela Pedraza and Arribeños, in the Buenos Aires neighborhood of Núñez.

The project includes the construction of the Núñez Business Center (CEN) and the Libertador Business Center (CEL), owned by Raghsa, with delivery dates scheduled for 2026 and 2027.

As part of a comprehensive strategy, the company will also renovate its current offices on Avenida Belgrano, near the downtown area, with the aim of offering modern, efficient, and adapted spaces to new ways of working, both for its employees and its clients.

In an official statement, the firm highlighted that the new campus in Núñez will feature cutting-edge technology, individual workstations, flexible areas, meeting rooms both formal and informal, and a Sky Garden of more than 750 square meters with gardens, common spaces, and panoramic views from the 11th floor.

The entire complex is designed to obtain international certifications in sustainability and well-being, such as LEED and WELL, aligned with the bank's global sustainability goals.

"Strengthening our presence in the country marks a new milestone in JPMorgan's history in Argentina. It's not just an investment in infrastructure, but also in the future of our workforce. It reinforces our commitment to the development of the local economy," said Facundo Gómez Minujín, Senior Country Officer for J.P. Morgan in Argentina, Uruguay, Paraguay, and Bolivia.

Clara Mendiberri, Chief Administrative Officer for Latin America and Canada and president of the Buenos Aires Corporate Center, also highlighted the relevance of this expansion, stating: "This space symbolizes the great expansion of the Buenos Aires Corporate Center over these 10 years and reflects our commitment to continue investing in Argentine talent and providing high-value services globally."

The impact for Argentina

JPMorgan has been present in Argentina for more than 125 years, offering a wide range of services through its Investment Banking, Global Markets, Wholesale Payments, Custody, and Private Banking divisions. In 2014, the company established its only regional Corporate Center in the country, the Buenos Aires Corporate Center (BACC), from where essential functions are exported to the United States, Europe, and Latin America, covering areas such as finance, technology, cybersecurity, credit, legal, and operations.

Initially, the BACC had 180 employees; today, the number exceeds 3,800. The growth prospects are even more promising: JPMorgan plans to add 1,500 new employees in the next five years, aiming to reach 5,000 employees in Argentina. This expansion will position the BACC as one of the bank's most relevant service centers globally.

The announcement not only represents a milestone for the company and its team but also has significant repercussions in the local corporate office market. It is the most important lease agreement signed in Argentina in the last 20 years, marking a turning point for a sector that had been affected by the decline in demand in recent years.

The construction of this new corporate center seeks to transform the traditional concept of workspace in the city, aligning with new global trends driven by the post-pandemic scenario. For Buenos Aires, this move translates into a show of confidence by a major player in the global financial system, at a time when long-term investments take on strategic value.