JPMorgan Said to Agree to Acquire Tower for $650 Million
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JPMorgan Chase & Co.’s asset-management unit agreed to buy the 31-story tower at 425 Lexington Ave. in midtown Manhattan for about $650 million, a person with knowledge of the plans said.
A contract to acquire the 750,000-square-foot (70,000-square-meter) building is likely to be completed soon, said the person, who asked not to be identified because the talks are private. It’s one of two Manhattan towers being marketed by Houston-based developer Hines, along with 499 Park Ave., designed by I.M. Pei.