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JPMorgan sells former Chase HQ for $725m

The US bank has sold the former Chase Manhattan Bank world headquarters to a subsidiary of the Chinese conglomerate Fosun.

JPMorgan Chase has agreed to sell its landmark tower, One Chase Manhattan Plaza in New York, to a wholly owned subsidiary of Chinese conglomerate Fosun International for $725 million. JPMorgan Chase put the building up for sale in August.

The downtown tower, designed by Skidmore Owings & Merrill and originally built under the leadership of David Rockefeller, measures 60 stories and totals more than 2.2 million square feet. The property has not changed ownership since its construction by Chase Manhattan Bank in 1961. The Class A office building was awarded landmark status by the New York City Landmarks Preservation Commission in 2008. 

The plaza of the building provides ample access to public transportation, connecting to seven subway lines. According to a statement from Shanghai-based Fosun, the reconstruction of the World Trade Center and the upgrading of the Fulton Street transportation hub will create a new business district that will enhance the property’s value. The Fosun release also noted that JPMorgan Chase would remain an important tenant in the building, although a report from Bloomberg claimed that JPMorgan intends to relocate about 4,000 employees. Calls to JPMorgan were not returned by press time

Recently, Fosun made headlines when private equity real estate firm Star Capital held a first close on its third fund. Fosun International owns an 80 percent stake in Star Capital and has promised to commit 15 percent of the capital in the fund, which has a RMB6 billion hard cap.