NEW YORK Aug 16 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
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.