Thursday, December 17, 2009

JPMorgan Chase Agrees to $109 Million Sale Leasebak of 4 New York Plaza

The Real Deal - December 17, 2009

JPMorgan Chase is in contract to sell 4 New York Plaza for $108.9 million, or $99-per-square-foot, the Post reported. The buyers of the 23-story, 1.1 million square foot building are Harbor Group International, a real estate company based in Norfolk, Va., and Josh Zamir's Capstone Equities, which owns and operates more than 8 million square feet, including 14 Wall Street and 156 William Street. An e-mail written by Zamir and obtained by the Post revealed that JPMorgan, which had also been previously looking to sell One Chase Manhattan Plaza, would lease back 75 percent of the building at Broad and Water streets for 15 years. The bank is hoping to collect $1 billion in total on the sale of a portfolio of 23 office buildings in eight states. [Post] Sphere: Related Content

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