LOWELL -- Banking giant JPMorgan Chase & Co. is shutting down its Cross Point towers office and laying off all 60 people who work there.
A letter dated Dec. 20 was sent to former Mayor Patrick Murphy announcing the closure of the office, characterizing the move as a "permanent shutdown."
"This letter is to intended to serve as the required notification under the Worker Adjustment and Retraining Notification (WARN) Act and Massachusetts' law to inform you that JPMorgan Chase & Co. will be undergoing a permanent shutdown of its operations at 900 Chelmsford Street, Floor 11, Lowell, MA 01851," read the letter, signed by JPMorgan Vice President of Human Resources Patricia Williamson.
State law requires that all layoffs involving more than 50 people be pre-announced.
A call placed to Williamson requesting further details was not immediately returned Tuesday.
Mayoral aide Jennifer Myers said Tuesday she had not seen the letter, which The Sun obtained from the state Executive Office of Labor and Workforce Development. Murphy served as mayor until last week, when City Councilor Rodney Elliott took over.
City Manager Bernie Lynch said the news was "disappointing," adding that such moves are "the nature of the beast" in large corporate complexes.
"You lose one, you hope to pick up two," he said. "Cross Point has done well lately, but certainly this is disappointing -- particularly for the 60 people affected."
JPMorgan indicated in the letter that a first round of layoffs would occur in March, with the remaining employees departing by year's end. A breakout included with the letter indicates that many of the jobs affected are of the IT variety. Thirty of them are application developers.
It isn't clear how much space the company occupies at Cross Point.
JPMorgan is the second financial giant to leave Cross Point in as many years. In March, MetLife announced plans to depart the complex.
Lynch noted that Verizon Communications Inc. has committed to an increasing amount of space in the past year, adding "hundreds" of employees and that the complex's occupancy is over 80 percent.
Jones Lang LaSalle lists space available on seven of the towers' combined 40 stories. Each floor ranges from about 28,000 square feet to nearly 37,000 square feet.
The Cross Point complex contains more than 1.2 million square feet of office space over two 13-story and one 14-story buildings. They were developed in the late 1970s to accommodate Wang Laboratories, but have been a multitenant facility for the past two decades.
They are co-owned by San Diego-based Yale Properties USA and San Francisco-based Divco West. In October, it was reported that the complex is for sale.
With total assets of about $2.5 trillion, Chase is the largest U.S. bank. Its history dates back to 1799 when its earliest predecessor was chartered in New York City. The company is built on the foundation of more than 1,200 predecessor institutions, including J.P. Morgan, Chase Manhattan and BankOne.
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