"With the Bank One merger, they explored whether or not to keep the location or close it," Russell tells GlobeSt.com. "This is a good, profitable location for them and they decided to keep it open." Chase has been a tenant in the 993,000-sf CBD tower at 500 Dallas St. at least 15 years, he says.
Russell says cannibalization wasn't an issue for the branch. However, JPMorgan's execs did consider downsizing, but eventually decided against it.
Russell says the new lease has more favorable terms for the tenant than its previous one because of market fundamentals. Russell represented JPMorgan Chase in the renewal, while building owner, the Chicag-based Trizec Properties Inc., was represented internally by Paul Frazier.
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