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JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase and WaMu brands.
The vice president of real estate for JPMorgan Chase contacted V/T Commercial directly to seek assistance in locating a facility for its data entry center. As one of a few locations in the United States, the new 15,000 square foot office space had to meet stringent requirements of JPMC’s client, the Federal Government. The space needed to accommodate over 70 work stations, private offices, training room, break room as well as provide uninterruptable electrical service, and parking well above typical municipal requirements. Additionally, the space could not be located on a ground floor of a building, and it required a high level of security from any other tenants in the property. The facility needed to be located within a ten mile radius of Essex, Vermont . The nature of the JPMC’s contract required an initial long-term lease with a termination policy, and rent had to be quoted on a gross basis. Space had to be operational by Spring 2009.
The initial process required a high degree of confidentiality, meaning that V/T Commercial had to compile data on the market without revealing specific details on the client and its use. V/T Commercial met with and gathered significant information from the client’s team of advisors, which resulted in a detailed market survey. V/T Commercial coordinated a market tour of practically all of the sites and facilities sited in the survey, and held numerous discussions with the clients to determine the practicality and feasibility of each site. Once the list of sites was pared to a half dozen, an RFP was circulated to the developers and landlords of selected properties. V/T compiled the results and provided the client with a detailed analysis that accurately compared each response based upon numerous variables. Upon selection of a final site, V/T assisted the client in its negotiations for tenant improvement build-out and facilitation through a detailed work letter.
The initial contact was made in November 2007, with a lease execution occurring approximately thirteen months later. The diligence and persistence of V/T Commercial and its team of professionals resulted in the successful transaction at 55 Community Drive, South Burlington, Vermont.