Liquid Treat AgencySpy AdsoftheWorld BrandsoftheWorld LostRemote TVSpy TVNewser PRNewser FishbowlNY FishbowlDC 10,000 Words GalleyCat MediaJobsDaily

JP Morgan Chase Drops Seattle Art Museum Lease, Leaves Museum $60 Million Short

0126seattleart.jpg

As predicted back in October, the Seattle Art Museum had good reason to be concerned about the financial crisis, particularly after Washington Mutual, who was renting several floors of the museum’s new Brad Cloepfil-designed building, went belly up. It’s now being reported that the former bank’s new owners, JP Morgan Chase, have decided that it won’t be needing the more than 200,000 square feet anymore and will be pulling out of the lease. While they’re giving the museum $10 million in grant money, that still leaves the museum in the lurch by almost $60 million for the amount they still owe on the new building. Now they’re hoping, we’d think rather desperately, to find someone new to move in to the space. Here’s a bit:

WaMu will end its lease in March, at the same time it’s pulling out of leases at several other downtown office buildings.

Cara Egan, a spokeswoman for SAM, said the space has not been listed. She is hopeful that the museum will find a new tenant despite a weakened commercial leasing market.

“The space is in a great location and it’s priced competitively,” said Egan.

Mediabistro Course

Fashion Writing

Fashion WritingStarting September 23, work with the contributing editor at ELLE.com to get your writing published in fashion magazines and websites! In this course, you'll learn how write fashion headlines, runway reviews, and fashion features, write compelling pitch letters, and gain insight into the fashion industry. Register now!