HOUSTON – (Realty News Report) – A 17-story downtown building that has been occupied by JPMorgan Chase bank is being marketed for sale following the recent announcement that the bank is moving out.
JP Morgan has been the sole tenant of the 1111 Fannin building for decades and its lease expires in September of 2021. The 428,629-SF building is being marketed by Dan Miller and Martin Hogan of JLL Capital Markets.
In the real estate community, the whisper number places the anticipated sales price around $50 per SF. Ownership of the building is now controlled by Greystone’s special serving unit.
The sale of the Houston building will give appraisers a contemporary comparable sale in an uncertain market that has changed significantly in 2020. Investors know distressed properties could be hitting the market more frequently as the economic downturn drags on.
The 1111 Fannin building, built in 1971 at the corner of Fannin and Dallas, has the advantage of a trove of nearby amenities. It’s across the street from the GreenStreet mixed-use development, which has an upscale Life Time fitness center, and the 225-room Hotel Alessandra, In addition, it’s one block from the 200,000-SF Shops at Houston Center – and a few blocks from other hotels, multifamily and the Discovery Green park.
The tenant, JPMorgan Chase, however, is moving to another downtown building a few blocks away.
Earlier this month, it was announced JPMorgan Chase leased 250,000 SF of space in the 75-story, 600 Travis Street building.
The transaction was one of the biggest leases in downtown Houston in years.
The major renovation which is underway may have encouraged JPMorgan Chase to move to the 600 Travis building, a 75-story tower that is the tallest tower in the Lone Star State.
Thee 600 Travis tower is owned Houston-based Hines international real estate firm, in partnership with an affiliate of Cerberus Capital Management, L.P. The 600 Travis was developed by Hines in the early 1980s.
July 27, 2020 Realty News Report Copyright 2020
Photo credit: Ralph Bivins, Realty News Report Copyright 2020
File: JP Morgan Chase Tower For Sale. File: JP Morgan Chase Tower For Sale in Downtown Houston
