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JPMorgan Goes Under Contract for Tower Near Its New HQ
JPMorgan Chase & Co. is under contract to acquire a Midtown Manhattan office property near its new headquarters at 270 Park Ave. for more than $300 million, reported Bloomberg News.
The bank agreed to buy the 21-story office tower at 250 Park Ave., in partnership with Hines, from AEW Capital Management, according to a person familiar with the matter. Bloomberg previously reported that the bank was close to a deal for the building.
The deal hasn’t been finalized, according to Bloomberg. A team of Newmark brokers led by Adam Spies and Doug Harmon is handling the sale process. Bloomberg reported that JPMorgan and Hines declined to comment, while representatives for AEW and Newmark didn’t respond to requests for comment.
With the deal, JPMorgan will expand its presence on Park Avenue, where the bank is constructing a 1,388-foot tower for its new headquarters.
- ◦Sale/Acquisition