Chase Manhattan Corp. hired Morgan Stanley & Co. to help it sell $2 billion of ailing commercial real estate assets.
According to Dow Jones News Service, Chase put half of the $2 billion portfolio on the block Thursday, with a preliminary bid deadline in mid-September.
Chase officials declined to comment on the report. But well-placed sources confirmed the appointment of Morgan Stanley. The firm has worked other large banks disposing of real estate.
Last month Chase set aside $2 billion of impaired real estate assets for quick and took an $884 million charge.