Sale of Chase Manhattan Plaza still on hold

August 20, 2010 02:45PM

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]