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JP Morgan Chase Spends $90M on Subsidiary's Headquarters

COLUMBUS, OH-The three-story 506,836-sf building sits on 62 acres in Easton, a 1,300-acre master planned development adjacent to Interstate 270 and the 1.5-million-sf Easton Town Center.

By Brian K. Miller | Updated on November 30, 2005

COLUMBUS, OH-JP Morgan Chase has acquired the 506,836-sf headquarters of Chase Manhattan Mortgage Corp., its subsidiary, for $90 million, or about $180 per sf. The seller was a partnership that included another related entity, JP Morgan Chase Capital Partners, and New York-based Georgetown Co.

The three-story, 506,836-sf building sits on 62 acres in Easton, a 1,300-acre master planned development adjacent to Interstate 270 and the 1.5-million-sf Easton Town Center. It was developed in two phases (1998 and 2001) for Chase Manhattan Mortgage. There are about 10 years left on the lease term. The building address is 3415 Vision Dr.

HFF senior managing directors Joe Morningstar and Glenn Whitmore, and managing director Andrew Scandalios, had the disposition assignment. John Hall of Columbus Commercial Realty was involved as the local broker in the transaction, which is required by Ohio state law.

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