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New York

JPMorgan’s 1 Chase tower hits the market

Lower Manhattan office building could fetch more than $1B

1 Chase Manhattan Plaza
1 Chase Manhattan Plaza

JPMorgan Chase is selling the landmark, 60-story 1 Chase Manhattan Plaza that once served as its headquarters, and it’s expected to fetch more than $1 billion, Crain’s reported.

The bank occupies almost the entire 2.2 million-square-foot Lower Manhattan office tower, but would move elsewhere in the event of a sale, a spokesperson for JP Morgan told Crain’s. CBRE brokers Darcy Stacom and Bill Shanahan were tapped to handle the sale.

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The bank did not immediately respond to inquiries regarding where it might move following a sale.

The building last hit the market in 2009 — at the height of the recession — although no trade ever took place.

If the building does sell in the range of $1 billion, it would rank as one of the largest commercial office deals in the neighborhood in recent years, Crain’s said. [Crain’s] – Mark Maurer

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