JPMorgan dives into terrible commercial real estate market

JPMorgan Chase (JPM) is looking to unload about $1 billion worth of properties in what may be the worst market for commercial real estate in decades.

According to the Wall Street Journal, the New York-based bank is shopping 23 locations with about 7.1 million square feet of office space, including One Chase Manhattan Plaza, Four New York Plaza, and the former headquarters of Washington Mutual in a downtown Seattle skyscraper. In a remarkable understatement, the paper said that any sale would have too come with "sizable concessions." No kidding.