NEW YORK CITY-JP Morgan Asset Management is reportedly poised to acquire 425 Lexington Ave. in a deal valued at approximately $750 million.
The 750,000-square-foot tower is one of two New York City properties real estate development firm Hines is auctioning. The other property is the 27-story 499 Park Ave. building. Crain's New York Business cites several sources in its report of the 425 Lexington Ave. purchase.
Last month, the law firm Simpson Thacher & Bartlett renewed its lease for a majority of the space in the office tower. Brokers from Eastdil Secured and CBRE Group Inc. handled the sale for Hines. See story in Crain's New York Business.
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