Landlord SL Green Realty Corp., which pulled off one of New York’s biggest office deals of 2016 – to build a massive office tower next to NYC’s Grand Central Station – is considering a blockbuster trade.

SL Green would swap its 1.75million square-foot office tower, One Vanderbilt, for JPMorgan Chase’s two Midtown towers.  Both are headquarters buildings: (i) 383 Madison Avenue (the old Bear Stearns HQ);  and, (ii) 277 Park Avenue. JPMorgan is considering the plan, but negotiations haven’t commenced.

SL Green has hit paydirt with major financial services companies in the past. This year, it sold a 2-building complex at 388-390 Greenwich Street to Citigroup for $2 billion. Citigroup, which had been leasing the complex, bought the building as part of efforts to consolidate and cut costs in the New York area.

Cutting a deal with JPMorgan poses a bigger challenge for SL Green because the bank - as owner of its 2 buildings - has no need to move. Still, JPMorgan made it clear it would consider the right deal 2 years ago when it negotiated with the city and state of a package of incentives that would enable it to move into the Hudson Square development on Manhattan’s West Side. That deal collapsed partly because not enough subsidies were offered.