Chase has officially closed on 12 of the 18 and is in the process of closing the last six now. The properties include 510 Fifth Ave. (65,000 sf), 940 Madison Ave. (15,000 sf) and 39-15 Main St. (35,000 sf) in Flushing, Queens. The sales were made with the representation of GVA Williams Real Estate Investment Banking Division.

A spokesperson for GVA Williams reports Chase is in the process of selling 10 more properties currently in use and plans to lease them from the prospective buyer. The bank is looking to sell more than just these 10 in fact and is examining a number of existing branches. The spokesperson notes, "These properties are being sold pursuant to an overall strategy to monetize the bank's non-strategic real estate holdings in order to re-deploy capital into banking and related services."

GVA Williams' corporate services and real estate investment banking divisions are also advising Chase on what is being termed "excess leasehold assets." These will also be disposed, relieving the company of any branch properties not in use at this time.

While GVA Williams is assisting in this matter, in July 2000 it was Insignia/ESG that brokered the 20-year deal for the Jersey City buildings. Chase has also signed for parts of the first and second and the entire basement at 280 Broadway for retail space. Insignia/ESG brokers have said the Chase headquarters will remain at 270 Park Ave. The 1.3 million sf of office space at 277 Park Ave. was formerly occupied by CSFB.

The property at 55 Water St. is still occupied by the merged company, JP Morgan Chase & Co., but the time on the lease is winding down. Some experts suggest Chase will not renew. The Goldman Sachs Group recently reneged on its plans to develop an $850 million trading facility after having presented its plans to the 1.38 million sf site to the Lower Manhattan Community Board, which voted down the plans. Goldman Sachs denies a connection between the plan cancellation and the vote.

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