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.

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

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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