JPMorgan Chase & Co has abandoned a plan to sell One Chase Manhattan Plaza, its Lower Manhattan office tower, because the bids it received were unacceptable, according to a source familiar with the matter.
New York-based JPMorgan, the second-largest U.S. bank by assets, remains willing to consider future offers for the property, the source said.
One Chase Manhattan Plaza is among 23 properties JPMorgan has put up for sale. The rest are still on the market and have drawn interest from potential buyers, the source said.
JPMorgan declined to comment.
The bank acquired investment bank Bear Stearns Cos last year. The deal gave JPMorgan an eye-catching octagonal building at 383 Madison Avenue in New York. At the time, the building, now home to several JPMorgan investment bank divisions, was estimated to be worth more than $1 billion.
(Reporting by Juan Lagorio and Elinor Comlay; editing by John Wallace)