JPMorgan to pay $750M for 425 Lexington Ave.

May 07, 2013 09:00AM

JPMorgan Asset Management is paying roughly $750 million for a 31-story office tower at 425 Lexington Avenue, Crain’s reported.

JPMorgan’s decision follows last month’s major lease deal at the 750,000-square-foot tower, with law firm Simpson Thacher & Bartlett renewing as an anchor tenant in a 20-year, 600,000-square-foot deal. The building is one of two Midtown towers being auctioned off by the developer Hines, the other being the 27-story 499 Park Avenue. 

A team of brokers from Eastdil Secured and CBRE Group Inc. brokered the sale for Hines, sources told Crain’s. The skyscrapers that have hit the market in the past few years have traded at premium prices, even hitting the $1000 per square foot mark seen during the boom. Another big deal this year was the sale of 237 Park Avenue — an office tower between East 44th and 45th streets — for roughly $800 million.

Crain’s said that, as of press time, it was unclear whether 499 Park Avenue had found a buyer. [Crain’s]Hiten Samtani