Positive Office News…Or is it?

While I am all for positive news, especially when it comes to the office market, sometimes articles are done in a possibly misleading spin. TheRegistry on April 22, 2025, headlined “JPMorgan Chase Plans to Expand Lease at San Francisco/s 560 Mission t 280,000 SQFT”. The article starts as follows: ”JPMorgan Chase & Co. is doubling down on its San Francisco presence…” but further reading shows that the bank which acquired First Republic will be downsizing that 750,000 sf operation as leases expire, and it was planning on vacating the entire 242,000 sf lease at One Front Street. So, doubling down on a lease commitment by taking an additional 60,000 sf while at the same time possibly getting out of 750,000 sf of First Republic space as well as vacating 242,000 sf does not seem to be positive news. Please tell me if I read this incorrectly!