JP Morgan, Hines in Contract to Buy AEW’s 250 Park Avenue
By Mark Hallum July 16, 2024 1:44 pm
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J.P. Morgan Chase is in contract to buy AEW Capital’s 250 Park Avenue for $300 million, sources familiar with the deal confirmed.
The bank has been in talks to acquire the property, near the under-construction site of its new headquarters at 270 Park Avenue, since at least June, with Hines as a joint venture partner. The deal is nearing completion but has yet to be finalized, Bloomberg first reported.
Newmark (NMRK)’s Adam Spies and Doug Harmon are handling the sale. The Newmark brokers, AEW, Hines and J.P. Morgan all declined to comment.
In 2021, AEW wrapped up the renovations to the lobby of the 20-story 250 Park, which hadn’t been updated since the 1990s, with an LED video art installation to make the space feel bigger and attract more tenants. It also did away with the reception desk.
That year, Swiss workspace provider IWG opened its first location in the property under the Signature brand, which spans 58,000 square feet. And in June 2022 legal services firm Complete Discovery Source signed an 18,803-square-foot direct lease in the property after subletting since 2018.
Mark Hallum can be reached at mhallum@commercialobserver.com.
