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JP Morgan Asset JV mulls separate sale of NY tower, underlying land

JP Morgan Asset Management is planning to sell its 95% ownership interest in the 195 Broadway office building in Lower Manhattan, N.Y., valued at up to $800 million, Real Estate Alert reported.

L&L Holding Co. LLC does not plan to sell the remaining interest it owns in the 1.1 million-square-foot property.

Under the plan, the underlying land will be sold to a third party, while L&L would seek an equity partner to buy the leasehold interest, the publication added.

The 29-story building was built between 1916 and 1922 and has had $100 million of recent renovations. It is about 90% occupied and its tenant roster includes Gucci, Harper Collins and Omnicom Media, among others.