NEW YORK CITY-Harbor Group International has closed on the 25-story, 1.1-million-square-foot 4 New York Plaza here in an acquisition from JPMorgan Chase, which has leased back a substantial portion of the property and remains the primary tenant. The Norfolk, VA-based investment and management firm did not disclose the purchase price; the New York Post has reported it at around $107 million.

“We are encouraged by the positive signs suggesting that the New York City market has reached a point at which a real estate recovery led by tenant leasing demand can begin,” says Jordan E. Slone, chairman and CEO of Harbor Group, in a statement. He adds that his company “will be able to deliver strong lease terms to potential tenants who seek large 48,000- to 50,000-square-foot floor plates in an attractive Wall Street location.”

Located at the southeast corner of Water and Broad streets, 4 New York Plaza was built in 1968; JPMorgan Chase has recently made capital improvements to the property. The banking giant has leased back 74% of the building and the Harbor Group has reportedly retained CB Richard Ellis to lease out 280,000 square feet of currently vacant space there.

According to the Post, financing came from Natixis via Ackman Ziff, while the building was brokered by Houlihan Lokey.

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