Sale of Chase Manhattan Plaza still on hold

TRD 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

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

Clockwise from top left: The Watchtower building at 25 Columbia Heights, Long Island University at 1 University Plaza, The Rheingold at 10 Montieth Street and 871 Bushwick Avenue in Brooklyn (Credit: Wikipedia and Google Maps)

These were the top 10 outer borough loans last month

Wells Fargo, JPMorgan Chase and Citigroup each recorded a rise in second quarter profits in their consumer divisions (Credit: iStock)

Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Clockwise from top left: 54 Crown Street, 451 10th Avenue, 46-09 69th Street and 270 Park Avenue (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

Mack Real Estate Group's Richard Mack and JPMorgan's Jamie Dimon with a rendering of 123 Melrose Street (Credit: Getty Images and ODA Architecture)

Yoel Goldman sews up long-term funds for Rheingold Brewery Project

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

45 Main Street in Brooklyn and Two Trees principal Jed Walentas

Two Trees lands $85M refi for Dumbo’s
45 Main Street

 270 Park Avenue and JPMorgan Chase CEO Jamie Dimon (Credit: Google Maps and Wikipedia)

City Council gives green light for JMorgan’s new headquarters in Midtown East