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NEW YORK CITY-The Moinian Group will be renovating its 500,000-sf office tower at 95 Wall St., turning it into 507 rental apartments.

The 38-year-old building was home to JP Morgan Chase. Moinian bought the Downtown building in 2004 for $140 million and kept it as office space until this year. It worked out an early termination of the Morgan lease, clearing the space for the renovations. All necessary approvals for the residential conversion are in hand, and it should be ready for occupancy in 2008.

“The property’s proximity to transportation, the New York Stock Exchange, world-class entertainment, retail shopping and dining venues will make 95 Wall St. the perfect live/work opportunity,” says Joseph Moinian, president of the company. “We have renovated and repositioned properties from New York to Los Angeles, and 95 Wall St. is poised to become one of our most exciting and rewarding projects.” A common penthouse will have a fitness center, lounge and outdoor sun deck.

Last month the Moinian Group bought 245 Fifth Ave. for $190 million from KBS Realty Advisors, as GlobeSt.com reported. That building is staying as office space.

A few blocks west of 95 Wall St., Moinian is also developing the 57-story W Hotel with Starwood Hotels & Resorts. GlobeSt.com has previously reported that the Downtown W will have 217 hotel rooms and 222 residential units. Like 95 Wall St., it will also open its doors to residents in 2008.

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