Brookfield Properties Corp. made the news public yesterday thatChase Manhattan Bank has signed a 20-year lease for 580,160 sf at245 Park Ave. in one of the year's biggest deals. Chase will occupyfloors two through 14 in the 44-story building, also occupied byBear Stearns. Actually, it is the leases signed by the twocompanies that make the deal so huge. Bear Stearns, despiteplanning to move its headquarters to 383 Madison Ave., is renewingits lease for 207,625 sf—floors 15 through 20. The two leases inthe building make up 787,785 sf.

As Chase plans to move in to its new digs in the 1.7-million-sfbuilding adjacent to Grand Central Station, the time left on thelease at 55 Water St. is ticking. Bradley P. Gerla, senior managingdirector for Insignia/ESG, was one of the brokers involved inpenning the deal for Chase across the river in Jersey City. Hetells GlobeSt.com the office that has been cited in countlessdiscussions about the interstate competition in the real estateworld will house mainly "back and middle office" operations andthat the headquarters of the company will remain here in Manhattanat 270 Park Ave.

Gerla also notes that there are a number of "unrelated leasespending." As to rumors of layoffs, Gerla says he has no knowledgeof such plans, of course, but that even if they took place, "allthese deals are done. The New Jersey deal is done." The rumors seemto be fueled by suffering stock prices and the plans to merge withJ.P. Morgan. Of the joining of the real estate holdings of the twomammoth banks, Gerla says, "We don't know yet."