UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange Act of 1934 for the fiscal period December 31, 2004

[  ]     Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                        Commission File Number 333-105805-09

              J.P.MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
             (Exact name of registrant as specified in its charter)

         Delaware                                           13-3789046
(State or other jurisdiction of                           I.R.S. Employer
incorporation or organization)                            Identification No.)

270 Park Avenue
New York, New York                                             10017
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212)834-9299


              J.P.MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
        COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-PNC1
            (Title of each class of securities covered by this Form)

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

                   Documents incorporated by reference: None



<PAGE>


PART I

Item 1.  Business.

         Not Applicable.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

     The Registrant is not aware of any material legal  proceeding  with respect
to J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland
Loan Services  Inc., as Servicer and Special  Servicer,  LaSalle Bank,  N.A., as
Trustee, and JPMorgan Chase Bank, N.A., as Paying Agent as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders

     No matter was  submitted  to a vote or  consent  of Holders of the  Offered
Certificates during the fiscal year covered by this report.

PART II

Item 5. Market for Registrant's Common Equity,  Related Stockholder Matters
        and Issuer Purchases of Equity Securities.

    The Trust does not issue stock. There is currently no established secondary
market for the  Certificates.  There are less than 300  participants  in the DTC
System.  As of December 31, 2004 the total number of such DTC participants  with
respect to each class of certificates is 62.

Item 6.  Selected Financial Data

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

     There was no change of accountants or disagreement  with accountants on any
matter of accounting principles or practices or financial disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         Not Applicable.


                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.

PART IV


Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1) Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

     Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.

     Annual  Independent  Accountant's  Servicing  Report  concerning  servicing
        activities, filed as Exhibit 99.1 hereto.

     Report of  Management as to Compliance  with Minimum  Servicing  Standards,
        filed as Exhibit 99.2 herto.

     Annual Statement as to Compliance, filed as Exhibit 99.3 herto.

     Aggregate Statement of Principal and Interest Distributions to
       Certificateholders as of December 31, 2004, filed as Exhibit 99.4 hereto.

(b) Exhibits to this report are listed in Item (15)(a)(3)above.

(c) Not Applicable.

                                      -3-
<PAGE>

J.P.MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-PNC1
----------------------------------------------------------------

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.

                    JPMorgan Chase Bank, N.A., not in its individual capacity,
                    but solely as attorney-in-fact for J.P. Morgan Chase
                    Commercial Mortgage Securities Corp.

               By:  /s/ Diane E. Wallace
                    -----------------------------
             Name:  Diane E. Wallace

            Title:  Vice President
             Date:  March 29, 2005




                                      -4-
<PAGE>


SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>



                                 EXHIBIT INDEX

Exhibit   Description

31.1      Rule 13a-14(a)/15d-14(a) Certification

99.1      Annual Independent Accountant's Servicing Report
                Midland Loan Services Inc.

99.2      Report of Management as to Compliance with Minimum Servicing Standards
                Midland Loan Services Inc.

99.3      Annual Statement as to Compliance
                Midland Loan Services Inc.

99.4      Aggregate Statement of Principal and Interest Distributions to
           Certificateholders as of December 31, 2004


                                      -6-

<page>

                                  EXHIBIT 31.1
                     Rule 13a-14(a)/15d-14(a) Certification


             J.P. Morgan Chase Commercial Mortgage Securities Corp.
                  Commercial Mortgage Pass-Through Certificates
                         Series 2004-PNC1 (the "Trust")

     I, Steven Z. Schwartz,  the President and Chief  Executive  Officer of J.P.
Morgan Chase  Commercial  Mortgage  Securities  Corp.,  the  depositor  into the
above-referenced Trust, certify that:

1.   I have reviewed  this annual  report on Form 10-K,  and all reports on Form
     8-K  containing  distribution  or  servicing  reports  filed in  respect of
     periods included in the year covered by this annual report, of the Trust;

2.   Based on my knowledge,  the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material  fact  necessary  to make  the  statements  made,  in light of the
     circumstances  under which such  statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge,  the distribution or servicing  information required
     to be provided to the paying agent by the servicer and the special servicer
     under the pooling and servicing agreement for inclusion in these reports is
     included in these reports;

4.   Based on my knowledge and upon the annual compliance  statement included in
     this annual  report and  required to be  delivered  to the paying  agent in
     accordance  with the terms of the  pooling  and  servicing  agreement,  and
     except as  disclosed  in this annual  report,  the servicer and the special
     servicer have fulfilled their  obligations  under the pooling and servicing
     agreement; and

5.   This annual report discloses all significant  deficiencies  relating to the
     servicer's  or special  servicer's  compliance  with the minimum  servicing
     standards  based  upon  the  report  provided  by  an  independent   public
     accountant, after conducting a review in compliance with the Uniform Single
     Attestation Program for Mortgage Bankers or similar procedure, as set forth
     in the pooling  and  servicing  agreement,  that is included in this annual
     report.

     In giving the certifications above, I have reasonably relied on information
provided to me by the following  unaffiliated  parties:  Midland Loan  Services,
Inc.

By: /s/ Steven Z. Schwartz
    -------------------------------------
Name:
Title:  President and Chief Executive Officer
        J.P. Morgan Chase Commercial Mortgage Securities Corp.

Dated:  March 23, 2005

                                      -7-

<page>


                                  EXHIBIT 99.1
                Annual Independent Accountant's Servicing Report
                                 ---------------
Deloitte & Touche LLP
Suite 400
1010 Grand Boulevard
Kansas City, MO  64106-2232
USA

Tel: +1 (816) 474 6180
www.deloitte.com


INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors
The PNC Financial Services Group, Inc.


     We have examined  management's  assertion that Midland Loan Services,  Inc.
(MLS), an indirect wholly-owned  subsidiary of The PNC Financial Services Group,
Inc.,  has complied as of and for the year ended  December  31,  2004,  with its
established  minimum servicing  standards  described in the accompanying  report
titled Management's Assertion dated February 15, 2005. Management is responsible
for MLS's compliance with those minimum servicing standards.  Our responsibility
is to express an opinion on management's  assertion about MLS's compliance based
on our examination.

     Our  examination  was conducted in accordance  with  attestation  standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,   included  examining,  on  a  test  basis,  evidence  about  MLS's
compliance  with its  minimum  servicing  standards  and  performing  such other
procedures as we considered necessary in the circumstances.  We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal determination on MLS's compliance with its minimum servicing
standards.

     In  our  opinion,   management's  assertion  that  MLS  complied  with  the
aforementioned minimum servicing standards as of and for the year ended December
31, 2004 is fairly stated, in all material  respects,  based on the criteria set
forth in Appendix I.


/s/ Deloitte & Touche LLP
--------------------------

February 15, 2005
                                      -8-

<page>


                                  EXHIBIT 99.2
     Report of Management as to Compliance with Minimum Servicing Standards
                              -------------------



                             Management's Assertion


     As of and for the year ended December 31, 2004, Midland Loan Services, Inc.
(MLS), an indirect wholly-owned  subsidiary of The PNC Financial Services Group,
Inc.,  (PNC), has complied,  in all material  respects,  with MLS's  established
minimum  servicing  standards for commercial loans and multifamily  servicing as
set  forth in  Appendix  I (the  "Standards").  The  standards  are based on the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers,  modified to address the unique  characteristics of commercial
loans and multifamily servicing.

     As of and for this same period,  MLS was covered by PNC's  fidelity bond in
the amount of $200,000,000  and an errors and omissions  policy in the amount of
at least $25,000,000.

MIDLAND LOAN SERVICES, INC.

/s/ Douglas D. Danforth  /s/ Steven W. Smith        /s/ Dave Bodi
-----------------------  -------------------        ----------------------
Douglas D. Danforth      Steven W. Smith            Dave Bodi
CEO/President            COO/Executive              COO/Executive
                         Vice President             Vice President

February 15, 2005


                                      -9-
<page>


MIDLAND LOAN SERVICES

APPENDIX I - MLS'S MINIMUM SERVICING STANDARDS

I.   CUSTODIAL BANK ACCOUNTS

1.   Reconciliations shall be prepared on a monthly basis for all custodial bank
     accounts and related bank clearing accounts. These reconciliations shall:

      .  be mathematically accurate;
      .  be prepared within forty-five (45) calendar days after the cutoff date;
      .  be reviewed and approved by someone other than the person who prepared
         the reconciliation; and
      .  document explanations for reconciling items.  These reconciling items
         shall be resolved within ninety (90) calendar days of their original
         identification.

2.   Funds of the servicing  entity shall be advanced in cases where there is an
     overdraft in an investor's or a mortgagor's account.

3.   Each  custodial   account  shall  be  maintained  at  a  federally  insured
     depository institution in trust for the applicable investor.

4.   Escrow  funds  held in  trust  for a  mortgagor  shall be  returned  to the
     mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II.  MORTGAGE PAYMENTS

1.   Mortgage  payments  shall be deposited into the custodial bank accounts and
     related bank clearing accounts within two business days of receipt.

2.   Mortgage  payments made in accordance with the  mortgagor's  loan documents
     shall be posted to the  applicable  mortgagor  records  within two business
     days of receipt.

3.   Mortgage  payments  shall be allocated to principal,  interest,  insurance,
     taxes or  other  escrow  items in  accordance  with  the  mortgagor's  loan
     documents.

4.   Mortgage  payments  identified  as  loan  payoffs  shall  be  allocated  in
     accordance with the mortgagor's loan documents.

III. DISBURSEMENTS

1.   Disbursements  made via wire  transfer on behalf of a mortgagor or investor
     shall be made only by authorized personnel.

2.   Disbursements  made on behalf of a mortgagor  or  investor  shall be posted
     within  two  business  days  to  the  mortgagor's  or  investor's   records
     maintained by the servicing entity.

3.   Tax and  insurance  payments  shall be made on or  before  the  penalty  or
     insurance policy  expiration dates, as indicated on tax bills and insurance
     premium notices, respectively, provided that such support has been received
     by the  servicing  entity at least thirty (30) calendar days prior to these
     dates.

4.   Any late payment  penalties paid in conjunction with the payment of any tax
     bill or insurance premium notice shall be paid from the servicing  entity's
     funds and not charged to the mortgagor,  unless the late payment was due to
     the mortgagor's error or omission.

5.   Amounts  remitted to investors per the  servicer's  investor  reports shall
     agree with cancelled  checks,  or other form of payment,  or custodial bank
     statements.

6.   Unused checks shall be safeguarded so as to prevent unauthorized access.

IV.  INVESTOR ACCOUNTING AND REPORTING

1.   The servicing  entity's investor reports shall agree with, or reconcile to,
     investors'  records  on a monthly  basis as to the total  unpaid  principal
     balance and number of loans serviced by the servicing entity.

V.   MORTGAGOR LOAN ACCOUNTING

1.   The servicing entity's mortgage loan records shall agree with, or reconcile
     to, the records of mortgagors with respect to the unpaid principal  balance
     on a monthly basis.

2.   Adjustments  on ARM loans shall be computed  based on the related  mortgage
     note and any ARM rider.

3.   Escrow accounts shall be analyzed,  in accordance with the mortgagor's loan
     documents, on at least an annual basis.

VI.  INSURANCE POLICIES

1.   A fidelity bond and errors and  omissions  policy shall be in effect on the
     servicing entity  throughout the reporting period in the amount of coverage
     represented to investors in management's assertion.


                                      -10-
<page>


                                  EXHIBIT 99.3
                       Annual Statement as to Compliance
                                 --------------

MIDLAND LOAN SERVICES
                                 March 8, 2005

Ms. Barbara L. Marik                                    Via UPS
First Vice President                                    (312) 904-7323
LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, IL
USA  60603-0000

             J.P. Morgan Chase Commercial Mortgage Securities Corp.
         Commercial Mortgage Pass-Through Certificates Series 2004-PNC1
                        Pooling and Servicing Agreement


                             OFFICER'S CERTIFICATE

Pursuant to the requirements of that certain Pooling and Servicing
Agreement governing the referenced Trust (the "PSA"), it is hereby certified
that (i) the undersigned has completed a review of the servicer's performance of
its obligations under the PSA for the preceding calendar year; (ii) to the best
of the undersigned's knowledge on the basis of that review the servicer has
fulfilled all of its obligations under the PSA throughout such period in all
material respects; (iii) to the best of the undersigned's knowledge, the
subservicer, of the servicer under the PSA, if any, has fulfilled its
obligations under its sub-servicing agreement in all material respects; and,
(iv) no notice has been received from any governmental agency or body which
would indicate a challenge or question as to the status of the Trust's
qualification as a REMIC under the U.S. Code.

                                                /s/ Steven W. Smith    3/8/05
                                                -----------------------------
                                                 Steven W. Smith      Date
                                                Executive Vice President

cc:
        Attn: CMBS Surveillance
        Fitch, Inc.
        One State Street Plaza, 31st Floor
        New York, NY  10004-0000

        Ms. Pei Huang
        Administrator
        J.P. Morgan Chase Bank
        4 New York Plaza, 6th Floor
        New York, NY  10004-0000

        Ms. Bianca Russo, Esq.
        J.P. Morgan Chase Commercial Mortgage Securities Corp.
        270 Park AVenue, 10th Floor
        New York, NY  10017-0000

        Mr. Denis Schuh
        J.P. Morgan Chase Commercial Mortgage Securities Corp.
        270 Park AVenue, 10th Floor
        New York, NY  10017-0000

        Attn: CMBS Surveillance
        Standard & Poor's Ratings Services
        55 Water Street, 41st Floor
        New York, NY  10041-0000

<page>
                                  EXHIBIT 99.4
         Aggregate Statement of Principal and Interest Distributions to
                   Certificateholders as of December 31, 2004


<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                  DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
CUSIP             ORIGINAL PRIN        PAID PRIN            PAID INT          TOTAL PAID     ENDING PRIN BALANCE    CERT POOL FACTOR
-----------------------------------------------------------------------------------------------------------------------------------
46625M5F2           39,074,000.00     5,829,125.09       768,846.09      6,597,971.18            33,244,874.91         850.81831678
46625M5G0          128,320,000.00             0.00     4,383,731.97      4,383,731.97           128,320,000.00        1000.00000000
46625M5H8           97,995,000.00             0.00     3,894,566.31      3,894,566.31            97,995,000.00        1000.00000000
46625M5J4          426,239,000.00             0.00    17,369,342.88     17,369,342.88           426,239,000.00        1000.00000000
46625M5K1           28,808,000.00             0.00     1,173,932.99      1,173,932.99            28,808,000.00        1000.00000000
46625M5L9           13,717,000.00             0.00       558,971.08        558,971.08            13,717,000.00        1000.00000000
46625M5M7           17,833,000.00             0.00       726,699.08        726,699.08            17,833,000.00        1000.00000000
46625M5N5           10,975,000.00             0.00       447,233.91        447,233.91            10,975,000.00        1000.00000000
46625M5P0        1,097,416,311.00             0.00     1,703,667.45      1,703,667.45         1,097,416,311.00        1000.00000000
46625M5Q8          246,662,000.00     1,809,282.15    10,020,354.47     11,829,636.62           244,852,717.85         992.66493359
46625M5R6           16,461,000.00             0.00       670,789.75        670,789.75            16,461,000.00        1000.00000000
46625M5S4           10,974,000.00             0.00       447,193.17        447,193.17            10,974,000.00        1000.00000000
46625M5T2           20,576,000.00             0.00       838,477.01        838,477.01            20,576,000.00        1000.00000000
46625M5U9            2,744,000.00             0.00       109,259.19        109,259.19             2,744,000.00        1000.00000000
46625M5V7            6,859,000.00             0.00       273,108.24        273,108.24             6,859,000.00        1000.00000000
46625M5W5            4,115,000.00             0.00       163,849.05        163,849.05             4,115,000.00        1000.00000000
46625M5X3            5,487,000.00             0.00       218,478.60        218,478.60             5,487,000.00        1000.00000000
46625M5Y1            2,744,000.00             0.00       109,259.19        109,259.19             2,744,000.00        1000.00000000
46625M5Z8            2,743,000.00             0.00       109,219.41        109,219.41             2,743,000.00        1000.00000000
46625M6A2           15,090,311.00             0.00       600,249.88        600,249.88            15,090,311.00        1000.00000000
46625M6B0                    0.00             0.00             0.00              0.00                     0.00        1000.00000000
46625M6C8                    0.00             0.00             0.00              0.00                     0.00        1000.00000000
N/C99037                     0.00             0.00             0.00              0.00                     0.00        1000.00000000
U48138RM2                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RN0                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RP5                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RQ3                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RR1                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RS9                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RT7                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RU4                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RV2                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RW0                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RX8                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RY6                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138RZ3                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
U48138SA7                    0.01             0.00             0.00              0.00                     0.01        1000.00000000
-----------------------------------------------------------------------------------------------------------------------------------

</TABLE>