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.