Friday, February 27, 2015

J.P. Morgan Chase looking for new DFW home for its 6,000 employees

chase tower building
Financial services firm J.P. Morgan Chase & Co. is shopping for up to 75 acres of land to build a new home for 6,000 of its Dallas-Fort Worth employees.

The real estate group leading the bank's real estate search has received a number of request-for-proposals from landowners with 50 acres to 75 acres of land from Las Colinas to McKinney to the north end of the Dallas North Tollway, Paul Whitman, JLL's managing director told the Dallas Business Journal.

"We have gone out to the market looking for land to possibly build a 1 million-square-foot campus," Whitman told me. "We are also looking at existing buildings."

Whitman, Russell Cosby and Torrey Littlejohn of JLL, along with Jeff Ellerman, Scott Hobbs and John Ellerman of CBRE, are helping J.P. Morgan Chase with the real estate search.

Whitman said the bank's real estate team has received a number of proposals and plans to sift them in the next few weeks. J.P. Morgan Chase could make a decision in the next four to six months on a site, he said.

J.P. Morgan Chase has more than 12,000 employes in North Texas, which means this location would only house about half of the employees in the region. The bank currently has a major operation south of Dallas/Fort Worth International Airport.

"It's not the intention for them to get all their employees under one roof," Whitman said, adding the decision on land will likely happen sooner than later.

"They are always looking at their real estate costs and want to control them," he said. "That's it. It comes down to real estate costs and their ability to control their long-term destiny."

J.P. Morgan Chase's real estate team plans to whittle the proposals down later this week, he added. The bank has yet to hire a developer or architect for the potential new build-to-suit campus.

J.P. Morgan Chase spokesman Greg Hassell declined to comment on the bank's real estate search, but said, "Dallas-Fort Worth is, and will remain, a place of vital importance for Chase."

Candace Carlisle, Dallas Business Journal