Bank of China is readying to move into Hines Development and JPMorgan’s nearly completed 7 Bryant Park, but contrary to what was previously expected, the banking giant will be occupying only 40 percent of the tower.
The bank bought the 30-story, 471,000-square-foot property for a reported price of nearly $600 million at the end of last year, according to the New York Post. The deal is for a long-term leasehold.
A new JLL report shows that about 60 percent of that space will be up for lease, adding to Midtown’s Class A vacancy. The figure makes sense given that Bank of China was initially in talks to be a flagship tenant occupying just a portion of the tower, before deciding to acquire the building.
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CBRE is representing the developers, and would not comment. [NYP] — Tess Hofmann