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JPMorgan buys $208M development rights for planned NYC tower

JPMorgan Chase & Co. acquired 666,766 square feet of development rights for its planned tower at 270 Park Ave. in New York City for $208 million, The Real Deal reported, citing documents filed with the city's Department of Finance.

The bank bought the air rights from TF Cornerstone and MSD Capital, the owners of the Grand Central Terminal, according to the Dec. 13 report.

The transaction will benefit JPMorgan's plan to construct a new headquarters that will span 2.5 million square feet along the Midtown East neighborhood of the city.

Sources familiar with the deal told the publication that JPMorgan did not exercise its option to purchase more than 1,200 square feet of additional air rights for the tower development.