Sale of Chase Manhattan Plaza still on hold

New York /
Aug.August 20, 2010 02:45 PM

One Chase Manhattan Plaza

A year after JPMorgan Chase abandoned attempts to sell off its former headquarters in Lower Manhattan, the bank’s current plan for One Chase Manhattan Plaza is apparently to hold steady, Crain’s reported. Last year, Chase tried to sell off the 60-story, 2.2 million-square-foot aluminum-and-glass skyscraper at 26-46 Pine Street, but eventually decided against it in August 2009 after the property failed to draw many bids. The market in the Financial District may be poised to make a comeback, though, as Condé Nast’s decision to move into One World Trade Center and the completion of Larry Silverstein’s two Ground Zero towers are helping to revitalize downtown. One Chase Manhattan Plaza is now fully occupied by eight tenants, including Chase, which takes up 1.5 million square feet — or roughly 70 percent — of the building. Several leases for the upper floors are expected to expire in the next few years. Asking rents for the building were not available, though deals in similar buildings in the area have been in the mid-$30s per square foot. Although Chase moved its headquarters to 270 Park Avenue years ago, sources told Crain’s it would maintain a presence on Pine Street, possibly making space available to new tenants on the upper floors over time. [Crain’s]

 
 

Related Articles

arrow_forward_ios
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)
LBA lands $316M loan for Amazon warehouse in Maspeth
LBA lands $316M loan for Amazon warehouse in Maspeth
 JPMorgan’s Marianne Lake (Getty, iStock)
JPMorgan walks back some mortgage constraints
JPMorgan walks back some mortgage constraints
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)
JPMorgan eyes $600M valuation for Third Ave office tower
JPMorgan eyes $600M valuation for Third Ave office tower
Cushman & Wakefield CEO Brett White and JPMorgan CEO Jamie Dimon (Cushman & Wakefield; Getty)
Cushman’s $3B debt load poses default risk
Cushman’s $3B debt load poses default risk
JPMorgan Chase CEO Jamie Dimon (Getty, iStock)
JPMorgan wants to invest $700M building rentals in Sun Belt states
JPMorgan wants to invest $700M building rentals in Sun Belt states
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)
How do companies decide who should return to offices first? It’s tricky
How do companies decide who should return to offices first? It’s tricky
Deutsche Bank CEO Christian Sewing and Deutsche Bank's Manhattan headquarters at 60 Wall Street (Getty)
Deutsche Bank: Employees can stay home until mid-2021
Deutsche Bank: Employees can stay home until mid-2021
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)
JPMorgan suffers setback in return to office
JPMorgan suffers setback in return to office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...