{"id":3721,"date":"2008-12-24T10:29:00","date_gmt":"2008-12-24T18:29:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=3721"},"modified":"2008-12-24T10:29:49","modified_gmt":"2008-12-24T18:29:49","slug":"jpmorgan-to-drop-wamu-leases-downtown","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/12\/24\/jpmorgan-to-drop-wamu-leases-downtown\/","title":{"rendered":"JPMorgan to Drop WaMu Leases Downtown"},"content":{"rendered":"

Here’s another WaMu update on a subject that will likely have a large impact on downtown’s commercial real estate scene:<\/p>\n

Seattle Times: JPMorgan dumping WaMu’s leased space in Seattle<\/a>
\nSeattle P-I: JPMorgan dropping six WaMu leases in Seattle<\/a><\/p>\n

From the P-I story<\/a>:<\/p>\n

New York banking giant JPMorgan Chase & Co., which in September bought the branches, deposits and loans of Washington Mutual Inc. of Seattle for $1.9 billion, plans to drop the leases in six downtown office buildings now housing WaMu employees, a WaMu spokeswoman said.<\/p>\n

WaMu currently leases about 880,000 square feet in downtown Seattle, said Patrick Mullen, a research analyst with Grubb & Ellis Co., Seattle.<\/p>\n

“Assuming Chase lets go of most of the workers in those leased offices, and then lets go of the offices, that event alone could drive up vacancies 2 to 3 percentage points in the central business district,” Mullen said. “It would depress rent rates even more than they are now.”<\/p>\n

Mullen said the massive withdrawal could also undercut the roughly 2.5 million square feet of office space due for completion in downtown Seattle next year.<\/p><\/blockquote>\n

Also, from the Times story<\/a>:<\/p>\n

It also decided WaMu’s Cedarbrook corporate-training center in SeaTac is “not a core asset for us, and we are looking at options for it,” said JPMorgan spokesman Thomas Kelly.<\/p><\/blockquote>\n

Now is not a particularly great time to be in the commercial real estate business in downtown Seattle.<\/p>\n

(Melissa Allison and Eric Pryne, Seattle Times<\/a>, 12.24.2008<\/em>)
\n(Dan Richman, Seattle P-I<\/a>, 12.23.2008<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Here’s another WaMu update on a subject that will likely have a large impact on downtown’s commercial real estate scene: Seattle Times: JPMorgan dumping WaMu’s leased space in Seattle Seattle P-I: JPMorgan dropping six WaMu leases in Seattle From the P-I story: New York banking giant JPMorgan Chase & Co., which in September bought the…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[464,310,68,443,311,465,19,31,111],"coauthors":[],"class_list":["post-3721","post","type-post","status-publish","format-standard","hentry","category-news","tag-allison","tag-commercial","tag-downtown","tag-jpmorgan","tag-pryne","tag-richman","tag-seattle_pi","tag-seattle_times","tag-wamu"],"yoast_head":"\nJPMorgan 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