JPMorgan to sell Manhattan office tower -report

NEW YORK Fri Aug 16, 2013 7:33pm EDT

NEW YORK Aug 16 (Reuters) - JPMorgan Chase & Co is planning to sell its landmark office tower in lower Manhattan, a property that could fetch $1 billion or more, Crain's New York Business reported on Friday.

The 60-story building, 1 Chase Manhattan Plaza, was built in the 1960s when David Rockefeller was the bank's chief executive.

Crain's reported that a JPMorgan spokeswoman confirmed the tower is being marketed to potential buyers. The buyers were not named in the report. CBRE Group Inc brokers will handle the sale of the tower, which has 2.2 million square feet of office space, Crain's said.

A spokesman for JPMorgan could not immediately be reached for comment.

JPMorgan tried to sell the property in 2009 but an economic recession hurt real estate prices and the bank backed away from the effort. Now that real estate has rebounded, sellers have a better opportunity to market property, Crain's said.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.