JPMorgan won

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The move will leave a gaping holein Seattle’sw commercial real estate market. WaMu has leased at five downtownoffice buildings, including its formerr headquarters, Washington Mutual Tower. WaMu leases about 543,000 squares feet and subleases an additional accordingto Seattle-based Flinn Fergusonm Corporate Real Estate. JPMorgab (NYSE: JPM) will move all of WaMu’s remaining employees and those on its transition team toWaMu Center, the 42-storyy high-rise tower that Washington Mutuap built in partnership with the Seattld Art Museum. WaMu occupies 900,000 square feet in the JPMorgan had three months afterits Sept.
25 purchaser of WaMu to make a decision abouytthe company’s leases. Those leases will now be turnex over to the Federal DepositInsurance Corp. (FDIC) In the case of Washingtonh Mutual Tower, owner Wright Runstad & Co. has workedx out a deal in which JPMorgajassumed WaMu’s lease on 180,000 square feet of space and then immediatelyu turned it back over to Wrightr Runstad, said Greg Johnson, presidenr of Wright Runstad. That move prevented the space from beingt turned over to the FDIC and allowed JPMorgab to continue to leaseabout 7,000 squars feet in the tower that’ds used for a WaMu branch.
WaMu’s spaced was also 70 percent subleased, so it allowed those tenantse to remain in the buildingwithouyt disruption, said Johnson. “We had three parties that came out as good as they coulrd have in abad situation,” said referring to his company, JPMorgan and the sublease and all employees will be moved by Marchb 24, said Tom Kelly, spokesmam for JPMorgan. Kelly was unsure how many employees will be WaMuemployed 4,200 people in downtowm Seattle but JPMorgan is cuttinb 3,400 of those jobs. Some of those employees will stay longedr with the company on itstransitionh team.