JPMorgan Chase Relocates Minneapolis Headquarters to North Loop: What It Means for the Twin Cities Business Scene

In a major shift for the Minneapolis commercial landscape, JPMorgan Chase & Co. (NYSE: JPM) has officially moved its Twin Cities headquarters from the downtown core to the thriving North Loop neighborhood. The decision marks a bold investment in the future of this fast-growing district and signals a continued commitment to expanding the bank’s regional footprint.

🏢 New Office, New Vision

JPMorgan Chase moved into its new 30,000-square-foot space at 241 North Fifth Avenue in the Steelman Exchange building on April 28, 2025. The move consolidated 80 employees from its business, commercial, and private banking teams—who were previously split between two locations in Capella Tower—into one sleek, modern facility.

The Steelman Exchange is a 220,000-square-foot Class A office building, developed in 2019. It's equipped with a rooftop lounge, a fitness center, and a parking garage, making it one of the most desirable commercial properties in the North Loop. For JPMorgan Chase, the space offered something they couldn’t find downtown: a single floorplate big enough for their entire team to collaborate in one place.

✅ Why JPMorgan Chase Chose the North Loop

According to Pilar Oppedisano, who oversees private banking for JPMorgan Chase across Minnesota, South Dakota, and North Dakota, the relocation was a strategic move designed to foster better communication and collaboration.

“If you're in two different buildings or even two different floors, you might as well be in different countries,” she noted.

The move wasn't just about logistics. It’s also a vote of confidence in the local economy and talent pool. Oppedisano said that the decision to relocate reflects JPMorgan Chase’s belief in the long-term potential of its Minnesota operations, which have doubled in staff and client count over the last two years.

Another key benefit of the move? Brand visibility. The new North Loop location allows JPMorgan Chase to place its signage on the outside of the building—something it couldn’t do at Capella Tower.

👤 New Leadership for the Upper Midwest

Alongside the relocation news, JPMorgan Chase also announced a new Commercial Banking Region Manager for the Upper Midwest. This leadership change further emphasizes the bank's growth strategy and its commitment to scaling operations throughout the region.

🏙️ What This Means for Minneapolis Real Estate and Development

JPMorgan Chase's decision to leave the downtown core for the North Loop is a telling indicator of shifting trends in Minneapolis commercial real estate. As businesses look for more flexible, amenity-rich workspaces, neighborhoods like the North Loop are becoming increasingly attractive for both startups and major corporations.

This move could signal a broader migration of high-profile companies into more modern, walkable districts—especially those that offer better parking, updated facilities, and live-work-play environments that appeal to today’s workforce.

Final Thoughts

JPMorgan Chase’s relocation is more than just a change of address—it’s a strong message of growth, innovation, and faith in the Twin Cities market. Whether you're a local business owner, a commercial investor, or just someone watching the evolution of Minneapolis with curiosity, this is one move worth noting.

🧭 Are You Thinking of Moving Your Business to the North Loop?

As a local real estate expert, I can help you find the right commercial or residential space to take advantage of Minneapolis’ most exciting neighborhoods. Let’s connect and explore your options.