JP Morgan Looking to Unload 7M SF of Office Properties

After going on an acquisition spree, JP Morgan has began marketing 23 office properties for sale. The properties span 8 different states, and total some 21,000,000 square feet. The WSJ is estimating that the portfolio sale could fetch north of $1B, a far cry from what the assets would have garnered 2-years ago.

The majority of the portfolio is concentrated in New York City, where some 3.2M square feet of the portfolio is located, followed by Texas, Washington (WaMu HQ), and New Jersey.

Talk of a potential sale emerged in April, followed by more talk that some of the New York assets would hit the market about 2 months ago. About half the portfolio is essentially a sale-leaseback. The sale is being handled by investment house Houlihan Lokey, who hired away a small real estate team from JP Morgan not too long ago.

JP Morgan has a history of being very astute, going back all the way to the Panic of 1907. Though the bank would likely explain the sale as a simple balancing of its portfolio, the fact that JP Morgan is unloading all these properties in the current market should raise at least one eyebrow.

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