UPDATE 1-Bear, JPMorgan sued over Bear headquarters

(Updates with suit, background details throughout, unable to reach company officials, adds byline)

By Emily Chasan

NEW YORK, May 22 (Reuters) - A company saying it owns the land on which Bear Stearns & Co Inc's BSC.N New York City headquarters stands sued the bank and JPMorgan Chase & Co (JPM.N) on Thursday, accusing them of not upholding its right to make the first offer to buy the property.

In the lawsuit, filed in New York state court, 383 Madison LLC claimed that under a ground lease Bear used for the property, 383 Madison was supposed to be given an opportunity to buy the building if Bear ever considered selling it.

In March, when JPMorgan offered to buy Bear Stearns, it was given an option to purchase the Bear Stearns building for $1.1 billion, even if the deal were to fall apart.

JPMorgan is currently planning to move its investment bank into the Bear Stearns headquarters after the deal closes.

In the lawsuit, 383 Madison claimed Bear committed itself to scenarios under which it would sell the building to JPMorgan without even attempting to give the land owner notice of the agreement or engage in negotiations with it.

It also claimed JPMorgan ignored the company's rights under the ground lease.

"JPMorgan wrongfully and intentionally induced Bear Stearns to breach the Ground Lease and the Right of first offer for its own personal gain," the suit claims.

The land owner is seeking the right to acquire Bear Stearns' interest in the building or because it believes the building is worth more than $1.1 billion it is asking for the fair market value of the building above that price, according to the lawsuit.

Representatives from Bear Stearn and JPMorgan did not immediately return calls seeking comment. (Editing by Andre Grenon)