JPMorgan Chase Buys Bank Site

SUGAR LAND, TX-JPMorgan Chase & Co. has purchased two acres to develop a 4,200-sf, freestanding bank at the intersection of Texas 6 and University Boulevard in First Crossing, a 65-acre commercial development.

Developer Wolff Cos. of Houston had in-house broker David Hightower negotiate its terms for the land sale. JPMorgan Chase of New York City was represented internally by Mike Trapnell, vice president of real estate business services as well as by David Stukalin in the Houston office of Dallas-based Weitzman Group.

The purchase is part of JPMorgan Chase’s expansion strategy to grow its branch network in Houston and other major Texas cities. Construction is slated to begin this month with delivery planned for first quarter 2004.

NewGround Resources of St. Louis is the project architect of the prototype building for the Houston market. The general contractor has not been selected. The prototype building will have six drive-up lanes outfitted with video monitors that will be tuned to financial news and products for the wait as transactions are processed.

The 100%-occupied First Crossing development consists of 350,000 sf of retail development, restaurants and financial services businesses. Only eight acres are available.