NEW YORK J.P. Morgan Chase & Co. said that it is negotiating to sell Deutsche Bank AG its office tower at 60 Wall St.
Morgan Chase on Thursday signed what spokeswoman Judy Miller described as a non-binding letter of intent with Frankfurt-based Deutsche Bank. However, Morgan Chase is negotiating exclusively with the German banking company, Ms. Miller said.
She declined to discuss terms, but the tower built by the former J.P. Morgan & Co. could sell for over $500 million, according to published reports.
Chase Manhattan Corp. and J.P. Morgan & Co. merged late last year to form J.P. Morgan Chase. The new banking company is based at Chases old headquarters, at 270 Park Ave. in midtown Manhattan. It has also leased office space nearby to create what Ms. Miller described as a midtown corporate campus.
Deutsche Bank could not be reached for comment.