JPMorgan is looking to sell its Lower Manhattan office building at 195 Broadway, and it’s shooting for as much as $800 million.
The bank’s asset management arm owns a 95 percent stake in the 1.1 million-square-foot building through a partnership with L&L Holding and Beacon Capital. The partners had recently sought to refinance the building, but instead decided to change tack earlier this year.
JPMorgan Asset Management is considering bids ranging from a 49 percent stake to a sale of full ownership. If 195 Broadway sold for $800 million, the asset manager would be realizing roughly $730 a square foot.
A Cushman & Wakefield team of Adam Spies, Doug Harmon, Kevin Donner and Josh King is marketing the property.
Real Estate Alert first reported news of the listing.
JPMorgan purchased its majority stake from L&L and Beacon in 2013, in a deal that valued the property at $500 million.
In October, it was reported that Fosun International was looking to put its FiDi office tower at 28 Liberty Street on the block for $1.6 billion, roughly $730 a square foot. Fosun denied that 28 Liberty was for sale and said it was instead looking for a strategic minority partner.