NEW YORK CITY — Norfolk, Va.-based Harbor Group International (HGI) has acquired 4 New York Plaza, a 25-story, approximately 1.1 million-square-foot office tower located in downtown Manhattan, New York City. The seller, JPMorgan Chase, also is the primary tenant and leased back 74 percent of the building.
HGI plans to embark on a leasing program for the remaining 280,000 square feet of vacant space at the building. A 7,000-square-foot, street-level space is also available for lease. Before selling the building, JPMorgan Chase completed substantial capital improvements to its infrastructure, security and technology systems, and tenant spaces. The tower was constructed in 1968 and also features a 650-seat cafeteria.
“4 New York Plaza is a superbly located asset and a great addition to our existing office portfolio,” said Jordan Slone, chairman and CEO of HGI, in a statement. “We are encouraged by the positive signs suggesting that the New York City market has reached a point at which a real estate recovery led by tenant leasing demand can begin.”
A representative from JPMorgan Chase did not respond to a request for comment as of press time.
— Coleman Wood