JPMorgan Chase Tower Listed in Downtown Houston — A Market-Defining Sale

HOUSTON – (Realty News Report) – A 17-story downtown office tower long occupied by JPMorgan Chase is now being marketed for sale after the bank announced it will relocate.

JPMorgan Chase has been the sole tenant of the 1111 Fannin building for decades; its lease runs through September 2021. The 428,629-square-foot property is being marketed by Dan Miller and Martin Hogan of JLL Capital Markets.

Industry sources suggest an anticipated asking price near $50 per square foot. Ownership of the building is currently overseen by Greystone’s special servicing unit.

Any sale of this Houston building would provide appraisers with a modern comparable in a market that has shifted markedly during 2020. With the economic slowdown, investors are preparing for the possibility of more distressed assets coming to market.

Completed in 1971 at the corner of Fannin and Dallas, 1111 Fannin benefits from a wealth of nearby amenities. It sits directly across from the GreenStreet mixed-use development, which features an upscale Life Time fitness center and the 225-room Hotel Alessandra. The property is also one block from the 200,000-square-foot Shops at Houston Center and within a short walk of multiple hotels, multifamily residences and Discovery Green park.

Despite these advantages, JPMorgan Chase is relocating to another downtown tower a few blocks away.

Earlier this month, the bank signed a lease for 250,000 square feet at 600 Travis Street, a 75-story building. That lease ranked among the largest in downtown Houston in recent years.

The extensive renovation now underway at 600 Travis may have helped attract JPMorgan Chase to the building, which is the tallest tower in Texas.

600 Travis is owned by Houston-based Hines in partnership with an affiliate of Cerberus Capital Management, L.P. Hines originally developed the tower in the early 1980s.

File: JP Morgan Chase Tower For Sale. File: JP Morgan Chase Tower For Sale in Downtown Houston.