NEW YORK CITY-Houston-based developer Hines and joint venture partner Pacolet Milliken Enterprises has received an all-equity joint venture investment from institutional clients advised by JP Morgan Asset Management for its massive spec office tower at 7 Bryant Park. Tommy Craig, head of the firm’s New York/Tri-State regional activities, tells that the financing covers the project costs and has been put in place with the intent to proceed with construction.

“We’ve completed design and we are moving forward to select a general contractor and we are moving forward with a competitive process,” he says. “We expect to complete that in September and move forward with construction in October.”

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