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Chase's Park Ave. Deal Raises Questions About Mergers, Layoffs & Interstate Competition

NEW YORK CITY-As Chase's new lease at 245 Park Ave. was becoming public knowledge yesterday, its employees were telling GlobeSt.com they believe the future of their jobs with the bank is shaky at best.

By Amy Vaughn | Updated on November 28, 2000

NEW YORK CITY-Chase Manhattan Bank is busily signing lease deals in Manhattan and across the river in New Jersey, leaving rumors flying about possible plans by others to pounce on the space to be vacated at 55 Water St. While Chase’s role in one of the biggest lease deals of 2000 became public yesterday, employees of the company were telling GlobeSt.com that they are actively searching for a new job for layoffs they call inevitable. To add to the mix, the implications of Chase’s planned merger with J.P. Morgan have not yet been calculated.

Brookfield Properties Corp. made the news public yesterday that Chase Manhattan Bank has signed a 20-year lease for 580,160 sf at 245 Park Ave. in one of the year’s biggest deals. Chase will occupy floors two through 14 in the 44-story building, also occupied by Bear Stearns. Actually, it is the leases signed by the two companies that make the deal so huge. Bear Stearns, despite planning to move its headquarters to 383 Madison Ave., is renewing its lease for 207,625 sf—floors 15 through 20. The two leases in the building make up 787,785 sf.

As Chase plans to move in to its new digs in the 1.7-million-sf building adjacent to Grand Central Station, the time left on the lease at 55 Water St. is ticking. Bradley P. Gerla, senior managing director for Insignia/ESG, was one of the brokers involved in penning the deal for Chase across the river in Jersey City. He tells GlobeSt.com the office that has been cited in countless discussions about the interstate competition in the real estate world will house mainly “back and middle office” operations and that the headquarters of the company will remain here in Manhattan at 270 Park Ave.

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