JPMorgan, Hines to buy 250 Park Ave for $300M-plus

It turns out that 2.5 million square feet of Park Avenue office space was not enough for Jamie Dimon.

JP Morgan Chase, which is building a 60-story headquarters at 270 Park Avenue, is set to buy a Manhattan office tower at 250 Park in partnership with Hines for more than $300 million, Bloomberg reported, citing a person familiar with the matter. AEW Capital Management is the seller.

The deal was brokered by Newmark Group’s Adam Spies and Doug Harmon, according to the publication. The Real Deal reported in March that AEW was looking for as much as $350 million for the property, which is between East 46th and East 47th streets.

JP Morgan Chase has been in talks to acquire the building since June, Bloomberg reported. The sale has not closed.

The bank tore down its prior headquarters one block north and is replacing it with a 1,388-foot-tall tower. The project topped out in February and will allow the company to consolidate employees from various properties across the city.

As for the century-old building it is buying on the next block, AEW completed renovations in 2021 to the lobby, which had not been updated since the 1990s, Commercial Observer reported.

But the new owners could raze it and build something much bigger — as much as 950,000 square feet, thanks to the Midtown East rezoning. It was 76 percent occupied as of March but its leases were written to allow for termination, clearing a path for demolition.

Boston-based AEW is the real estate arm of French investment manager Natixis. Hines, a developer based in Houston, owns and operates $93 billion in assets across various property types.

— Christina Previte

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