JPMorgan wants space in One Chase Manhattan Plaza

April 21, 2011 12:07PM

JPMorgan Chase is having no trouble finding tenants for its One Chase Manhattan Plaza building on Liberty Street downtown, the problem is, it wants some room for itself. According to the Observer, Chase went from trying to sell the building to wanting more of its operations in the Financial District building, at the expense of current leaseholder, law firm Milbank Tweed Hadley McCloy. The firm holds a five-year renewal option on its 350,000-square-foot lease that expires in 2013, but JPMorgan is reluctant to sign the lease. That has Milbank searching for new space, preferably in the less-expensive downtown market. But as the Observer notes, finding 350,000 square feet of office space in a downtown building isn’t so easy, unless the firm wants to pin its fortunes on the completion of the two forthcoming towers at the World Trade Center. Cushman & Wakefield’s Dale Schlather and John Cushman are the brokers helping Milbank land a new space. [Observer]

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