CB Richard Ellis has won the listing on Two Chase Manhattan Plaza, a 567,000-square-foot building at 20 Pine Street in Lower Manhattan

Real Estate Alert, May 19, 2004

CB Richard Ellis has won the listing on Two Chase Manhattan Plaza, a 567,000-square-foot building at 20 Pine Street in Lower Manhattan. The property, owned by local player Jack Resnick & Sons, could fetch $113 million, or $200/sf. CB nearly got the listing late last month, but an unidentified competitor made an 11th-hour offer to cut its commission, which slowed the process.

It's unclear whether CB had to match the offer. The 35-story tower is viewed as a candidate for conversion into residential space, since tenant J.P. Morgan Chase's lease expires in 2006. The bank is not likely to renew.