JP Morgan Chase and Hines are set to purchase the Manhattan office tower at 250 Park Avenue from AEW Capital Management for over $300 million. The deal, brokered by Newmark Group’s Adam Spies and Doug Harmon, has not yet closed. AEW, which sought up to $350 million for the property, completed lobby renovations in 2021. The building, which is 76% occupied, may be demolished for a larger development of up to 950,000 square feet under Midtown East rezoning. JP Morgan Chase is consolidating its properties with a new headquarters at 270 Park Avenue.
JP Morgan Chase
