JPMorgan Chase & Co. is under contract to buy the seven-story building at 410 Madison Ave. in New York City from Bank of China Ltd. for more than $100 million, Commercial Observer reported, citing unnamed sources.
Bank of China has vacated the 58,395-square-foot building that housed its U.S. headquarters, and the New York City-based investment bank has moved in, the sources told the publication without disclosing when the deal will close.
The site has a buildable area of 107,500 square feet because of the Midtown East rezoning.
JPMorgan and CBRE, which brokered the deal, did not comment on the matter. A Bank of China executive did not immediately respond, according to the March 19 report.