Developer Wolff Cos. of Houston had in-house broker David Hightower negotiate its terms for the land sale. JPMorgan Chase of New York City was represented internally by Mike Trapnell, vice president of real estate business services as well as by David Stukalin in the Houston office of Dallas-based Weitzman Group.
The purchase is part of JPMorgan Chase's expansion strategy to grow its branch network in Houston and other major Texas cities. Construction is slated to begin this month with delivery planned for first quarter 2004.
NewGround Resources of St. Louis is the project architect of the prototype building for the Houston market. The general contractor has not been selected. The prototype building will have six drive-up lanes outfitted with video monitors that will be tuned to financial news and products for the wait as transactions are processed.
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