NEW YORK CITY-JP Morgan Chase & Co. is selling off another one of its office towers, this time shedding perhaps its most iconic asset. In Lower Manhattan, the bank has put 1 Chase Manhattan Plaza—its one-time headquarters—on the chopping block, according to Crain's New York Business.
A spokeswoman confirmed the sale but did not provide further details. JPMorgan has hired CBRE Group Inc.'s vice chairmen Darcy Stacom and Bill Shanahan to handle the sale. Estimates on the possible purchase peg the building's value at $1 billion or even more. Such a purchase price would make the transaction one of Downtown's largest deals in recent years.
The 60-story asset houses 2.2 million square feet of office space. Most of the building is occupied presently by JPMorgan but the company reports to Crain's that it will vacate most of the premises following the sale. Other reports say that exodus could take up to a year but the firm doesn't plan to stay around in the location after that, quashing any suspicion of a potential leaseback deal.
Last fall, JP Morgan initiated the sale of 450 Sansome St., in San Francisco, after taking the property back from investor Kent Swig, who had bought the building from JP Morgan in 2010. Still, sources close to this latest transactoin say the sale is just the normal management of real estate.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
