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Chase Claims 12-Story DC Building for $140M
JPMorgan Chase acquired the 12-story Bowen Building in Washington, DC from Chevy Chase, MD-based JBG Smith for $140 million. The 231,000-square-foot Beaux Arts period building will serve as JPMorgan Chase’s first regional headquarters.
JPMorgan Chase’s Peter Scher says, “This new regional headquarters and branch expansion in Greater Washington will help us continue to invest here long-term, and play our part in continuing to grow the economy of this great region.”
The CBD Class A office asset at 875 15th St. NW building is 86.1% occupied and has 101 parking spaces. JBG Smith will continue on with the asset in a property management services role.
Renovations will begin in 2019, and JPMorgan Chase intends to move into the new facility in 2021.
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