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Chase Centre to Command $82M

WILMINGTON, DE-The 440,000-sf, 22-story Chase Manhattan Centre, once the city's tallest high-rise, is up for sale and has a taker who is reportedly prepared to pay $82 million for it. If all goes as planned, the property will change ownership from Lend Lease Real Estate Investments to McConnell-Johnson within the next several weeks.

By Barbra Murray | Updated on May 13, 2002

WILMINGTON, DE-The deal is several weeks from being closed but the 440,000-sf Chase Manhattan Centre will get another owner when partnership McConnell-Johnson finalizes its agreement to purchase the 14-year old property for $82 million. The deal will take the building off the hands of a fund client of NY-based Lend Lease Real Estate Investments.

Located at 1201 Market St., the class A building also offers 16,000 sf of retail space and it once held the title of Wilmington’s tallest building. That distinction was taken away with the development of the 23-story Hercules Tower, just down the street at 910 Market. J. P. Morgan Chase & Co.. occupies approximately 42% of the building and holds a long-term lease on its space. Merrill Lynch and the U.S. Attorney’s Office are also tenants. Prior to Lend Lease’s acquisition of the property, an Atlanta-based division of the United Parcel Service called UPS Properties, owned the edifice until it tapped the Chicago office of LaSalle Partners to market it. At one time during its existence, the structure was known as the Chemical Bank Plaza.

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