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New York & Tri-State  + Midtown New York  + Office  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition