JPMorgan looks to sell Plaza District office building for $550M

Bank’s asset management arm acquired 125 West 55th Street for $470M in 2013

New York /
Jan.January 29, 2020 09:00 AM
JPMorgan's Jamie Dimon and 125 West 55th Street (Credit: Getty Images, Google Maps)

JPMorgan’s Jamie Dimon and 125 West 55th Street (Credit: Getty Images, Google Maps)

A decade ago, Avenue of the Americas Plaza was part of a Harry Macklowe portfolio that came apart at the seems in the financial crisis. Now, JPMorgan Asset Management is looking to part ways with the Plaza District office tower.

The bank’s asset management arm put the 23-story office building at 125 West 55th Street up for sale, sources familiar with the property told The Real Deal. JPMorgan Asset Management is expecting the late 1980s-era building to fetch around $550 million, or $900 per square foot.

A spokesperson for JPMorgan did not immediately respond to a request for comment.

The 575,000-square-foot building sits on West 55th Street between Sixth and Seventh avenues in the Plaza District, where tenants usually pay top dollar to be in what some consider to be the most coveted office neighborhood in the city.

Tenants at the building include the Australian investment bank Macquarie Group and iHeartRadio.

A Cushman & Wakefield team of Adam Spies, Doug Harmon, Kevin Donner, Josh King, Marcella Fasulo and Adam Doneger is marketing the property. A representative for the team declined to comment.

JPMorgan Asset Management bought the building for $470 million from Boston Properties in 2013. Mort Zuckerman’s real estate investment trust had acquired it in 2008 from Macklowe as part of a $3.9 billion portfolio that included the General Motors Building.

The glass-and-steel tower is being marketed as a core-plus investment, which means a buyer would only have to make slight improvements to the building to bring it up to peak performance. After years of primarily targeting high-risk, high-reward investments like redevelopment projects, more investors started shifting late last year to lower-risk core and core-plus properties, according to data from Preqin.

Last year, JPMorgan’s asset management group sold its stake in the Financial District office building at 195 Broadway for $800 million. The same Cushman team brokered the deal.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
From left: Wafra’s Fawaz Al-Mubaraki and The Westover Companies’ Guntram Weissenberger with 138 East 12th Street (JLL, Getty, Wafra, The Westover Companies)
Wafra sells East Village’s The Nathaniel for $57M
Wafra sells East Village’s The Nathaniel for $57M
Soloviev Group chairman Stefan Soloviev and the Solow Building at 9 West 57th Street (Getty, Soloviev Group, King of Hearts, CC BY-SA3.0 - via Wikimedia Commons)
Soloviev denies effort to sell 9 West 57th
Soloviev denies effort to sell 9 West 57th
Harbor Group International's Jordan Slone with with 51 West 52nd Street
TRD Pro: Top office sales of the past year
TRD Pro: Top office sales of the past year
Sonesta Hotels’ John Murray and The Shelburne Hotel (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Affinia, Sonesta)
TRD Pro: Biggest hotel sales of the past year
TRD Pro: Biggest hotel sales of the past year
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
(Illustration by The Real Deal with Getty Images)
How to sell a building today: Package it with cheap debt
How to sell a building today: Package it with cheap debt
JLL’s Bob Knakal and Jonathan Hageman with 245 West 55th Street (JLL, LoopNet)
Oscar-winning film lab selling Midtown property after 100 years
Oscar-winning film lab selling Midtown property after 100 years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...