JPMorgan Chase & Co. has entered into a contract to acquire a prime office property in Midtown Manhattan for over $300 million, as reported by Bloomberg News. The 21-story tower at 250 Park Ave., currently owned by AEW Capital Management, will be purchased in partnership with Hines.
According to sources familiar with the matter, JPMorgan and Hines are close to finalizing the deal for the building which is located near their new headquarters at 270 Park Ave. The sale process is being handled by a team of Newmark brokers led by Adam Spies and Doug Harmon.
While representatives from JPMorgan and Hines have declined to comment on the potential acquisition, it has been confirmed that negotiations are still ongoing. AEW Capital Management and Newmark did not respond immediately when asked for comments.
This purchase will further expand JPMorgan’s presence on Park Avenue where they are already constructing their new headquarters – an impressive 1,388-foot tower. Stay updated with Connect CRE for more news on this development.
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