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Report: JP Morgan Asset Management to sell NYC property for $800M

JP Morgan Asset Management is selling its 29-story office tower at 195 Broadway in New York City for $800 million, The Real Deal reported, citing unnamed sources.

L&L Holding, which already owns a 5% stake in the 1.1 million-square-foot building, will acquire JP Morgan's 95% stake, along with an investment consortium comprising Korea Investment & Securities Co. Ltd. and Samsung, the unnamed sources told the publication.

As for the ground underneath the building, iStar Inc.-controlled real estate investment trust Safehold Inc. signed a contract to acquire the fee position for $275 million. IStar will lease the office property to L&L Holding and its investors.

The property counts Omnicom Media, HarperCollins, Gucci and Nobu Downtown among its tenants.

The Real Deal could not get a comment on the matter from L&L Holding or JP Morgan.