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Old Posted Jan 29, 2020, 2:31 AM
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suburbanite suburbanite is offline
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Join Date: Apr 2011
Location: Toronto
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Wow I'm behind the times. I had no idea 270 Park was demolished for redevelopment. Does J.P. Morgan own the existing building though? Would be a bit different than an institutional owner buying a building, evicting the current tenants, and re-leasing the entirety of the space 4 years later. A lot more risk involved than a company personally developing their own consolidated office space. J.P. Morgan may be willing to pay a premium for that benefit regardless of whether it would be a profitable endeavor for a third-party.

Either way, knocking down a 50-story, million square foot office tower for redevelopment is mind-blowing. New York is insane.
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