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Chase Tower Said to Be Off the Market

NEW YORK CITY-The 60-story One Chase Manhattan Plaza in Lower Manhattan received insufficient bids, according to a Bloomberg report.

By Paul Bubny | Updated on October 08, 2009

NEW YORK CITY-JPMorgan Chase has taken its iconic One Chase Manhattan Plaza off the block after failing to receive sufficient bids, Bloomberg reported late Wednesday afternoon, citing unnamed sources. The 60-story tower in Lower Manhattan was one of 23 office properties JPMorgan Chase began marketing this summer; the others in the eight-state, 7.1-million-square-foot portfolio are still for sale, according to Bloomberg. Calls to JPMorgan for comment were not returned by deadline.

A sticking point, according to the Bloomberg report, may have been the bank’s unwillingness to finance the deal. Most of the larger transactions that have closed this year either have entailed some degree of seller financing or, as in the sale-leaseback of HSBC’s 452 Fifth Ave. tower earlier this week, were all-cash deals.

Moreover, establishing a price remains a challenge in a market with few data points. In August, Dan Fasulo, managing director at Real Capital Analytics, told GlobeSt.com that a One Chase Plaza deal would be one of the transactions that would help establish a market, since it represents a stabilized asset as opposed to a distressed property.

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