JPMorgan to buy New York City building in more than US$300 million deal

JPMORGAN Chase is in contract to purchase a Manhattan building near its new headquarters for more than US$300 million.

The bank agreed to buy the office tower at 250 Park Avenue, in partnership with Hines, from seller AEW, according to a source familiar with the matter who asked not to be identified citing private information. Bloomberg News reported in June that the bank was close to a deal for the building.

The deal has not yet closed. A team of Newmark Group brokers led by Adam Spies and Doug Harmon is handling the sale process. Spokespeople for JPMorgan and Hines declined to comment. Representatives for AEW and Newmark did not respond to requests for comment.

With the deal, JPMorgan will expand its presence on Park Avenue, where the bank has been building a 1,388-foot (423-metre) tower for its new headquarters. The bank tore down its previous building. BLOOMBERG