August 12, 2009 / 3:19 AM / in 8 years

JPMorgan looking to sell 23 office properties -WSJ

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NEW YORK, Aug 11 (Reuters) - JPMorgan Chase & Co (JPM.N) is looking to sell 23 office properties in what may be the country's largest office real estate sale this year, the Wall Street Journal said in a report on its Website on Tuesday.

The property on offer could raise more than $1 billion according to the report. A representative for JPMorgan was not immediately available for comment.

In order to sell some of the buildings, the bank will likely have to provide incentives, such as a sale-leaseback transaction, according to the report, which cited real estate experts and another bank's deal as an example.

Citing unnamed people familiar with the matter and materials obtained by the newspaper, the Journal said New York developers bid more than $290 million for HSBC's (HSBA.L) New York City headquarters because the bank agreed to lease back most of the building for the next 18 months.

A representative for HSBC was not immediately available for comment.

But JPMorgan has not explicitly offered financing for the properties it is selling, so buyers would have to look elsewhere for credit, according to the report, which cited people familiar with the matter. (Reporting by Sinead Carew; Editing by Muralikumar Anantharaman)

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