NEW YORK CITY-Houston-based developer Hines andjoint venture partner Pacolet Milliken Enterpriseshas received an all-equity joint venture investment frominstitutional clients advised by JP Morgan AssetManagement for its massive spec office tower at 7 BryantPark. Tommy Craig, head of the firm’s NewYork/Tri-State regional activities, tells GlobeSt.com that thefinancing covers the project costs and has been put in place withthe intent to proceed with construction.

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

The 470,000-square-foot tower, to be designed by HenryN. Cobb of Pei Cobb Freed & Partners,will rise 28 stories on a piece of land Pacolet Milliken has ownedsince 1954 overlooking the park. While JP Morgan declined torelease a specific number on the transaction, sources close to thedeal say the equity is in the “multi-million-dollar” range.