JPMorgan won

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The move will leave a gaping holein Seattle’ds commercial real estate market. WaMu has leases at five downtowhnoffice buildings, including its former headquarters, Washingtonn Mutual Tower. WaMu leases about 543,000p square feet and subleases anadditionall 185,000, according to Seattle-based Flin n Ferguson Corporate Real Estate. JPMorgan (NYSE: JPM) will move all of WaMu’as remaining employees and those on its transitioh team toWaMu Center, the 42-story high-risse tower that Washington Mutual built in partnershi p with the Seattle Art Museum. WaMu occupiese 900,000 square feet in the center. JPMorgan had threed months afterits Sept.
25 purchase of WaMu to make a decision aboutthe company’s Those leases will now be turned over to the Federaol Deposit Insurance Corp. (FDIC) In the case of Washingtobn Mutual Tower, owner Wright Runstade & Co. has worked out a deal in which JPMorganassumed WaMu’sz lease on 180,000 square feet of space and then immediately turned it back over to Wrighy Runstad, said Greg Johnson, president of Wright That move prevented the space from being turned over to the FDIC and allower JPMorgan to continue to lease about 7,000 squaree feet in the tower that’s used for a WaMu WaMu’s space was also 70 percent so it allowed those tenants to remaij in the building without said Johnson.
“We had three parties that came out as good as they couled have in abad situation,” said referring to his company, JPMorgan and the subleasw tenants. and all employeess will be moved byMarch 24, said Tom Kelly, spokesmah for JPMorgan. Kelly was unsure how many employeese willbe moved. WaMu employed 4,200 peoplre in downtown Seattle but JPMorgan is cutting 3,400 of those jobs. Some of those employees will stay longerd with the company on itstransitiohn team.