The financial institution has its back-office operations center in the 766,950-sf high rise at 1301 Fannin St. "The bank, through its acquisition and mergers with Chase and Bank One, presented some challenges in terms of duplicate real estate. We had to restructure this lease so it would fit their needs," says Mark Russell, senior vice president of Studley's Houston office. Russell, with Steve Biegel, represented JPMorgan Chase, while Louis Rosenthal with Jones Lang LaSalle in Houston represented the building owner, AGBRI Fannin LP of San Diego.
"We were able to negotiate terms outside the quoted rate," Russell adds. Comparable space in the Downtown typically leases for $21 per sf.
Russell tells GlobeSt.com that the banking company had examined other office buildings, but "they're committed long-term to the facility." The bank has been in the building since it was built in 1983, starting the reign as First City National Bank. He says there are no plans to restructure or renew other JPMorgan Chase leases in the area at this time. "That one was the priority on the radar screen," he says.
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