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NEW YORK CITY-Serving up a reminder that new office inventory will soon come on the market, Hines officials on Tuesday presented the story of the company’s 7 Bryant Park to members of the local NAIOP chapter during a meeting in Midtown. As previously reported, the property is spec development and slated to open next year.

Calling the building “one of the projects that gets people inspired,” Tommy Craig, senior managing director and head of Hines’ New York office noted that the structure includes 65,000 square feet of unutilized FAR from the adjacent building. That was purchased by Pacolet Milliken, a limited partner on the deal and a ground lessor. Hines’ equity partner on the 474,000-square-foot project are institutional investors advised by J.P. Morgan Asset Management.

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