Chase Sells Detroit Tower, Signs 10-Year Lease.

Bank Will Retain Branch, Seven Other Floors

DETROIT -- JPMorgan Chase has sold its Chase Tower to Sterling Group, a Detroit-based real estate company, and signed a 10-year commitment with renewal options to lease eight floors totaling nearly 215,000 square feet.

"Chase will continue

to serve our customers from the downtown Detroit location that's been our home for almost 48 years," said Dick Wade, president of Chase in Michigan. "It makes more sense to be a long-term tenant rather than owning the building. We look forward to a long relationship with the Sterling Group, which has earned a solid reputation as owners and managers of the neighboring Guardian Building and many other commercial sites in the city."

The building will continue to be known as the Chase Tower, which is a 14-story, 598,000-square-foot structure opened in 1959 as headquarters for Chase's predecessor, the National Bank of Detroit. Chase will retain its main-floor bank branch and occupy seven other floors.

Sterling Group plans to market the other floors to other tenants, starting immediately.

"The unique architecture and prominent Campus Martius location are conducive to a variety of improvements that will make the building more inviting to tenants and guests while enhancing the street presence and overall aesthetic," said Danny Samson, vice president of Sterling Group.

Albert Kahn Associates designed the building with interior design by W.B. Ford Design Associates. Bryant & Detwiler Co. built the structure.

About Chase

In Michigan, Chase operates a network of 280 branches and 415 ATMs. Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE: JPM). Chase has 136 million credit cards issued and serves consumers and small businesses through more than 3,000 bank branches, 8,300 ATMs and 280 mortgage offices as well as through relationships with 15,600 auto dealerships and 2,500 schools and universities. It also serves more than 25,000 commercial banking clients including corporations, municipalities, financial institutions and not-for-profit entities. More information about Chase is available at www.chase.com.