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Harbor Group Closes on Chase Tower

NEW YORK CITY-JPMorgan Chase has leased back 74% of the 1.1-million-square-foot 4 New York Plaza, which reportedly sold for $107 million.

By Paul Bubny | Updated on January 14, 2010

NEW YORK CITY-Harbor Group International has closed on the 25-story, 1.1-million-square-foot 4 New York Plaza here in an acquisition from JPMorgan Chase, which has leased back a substantial portion of the property and remains the primary tenant. The Norfolk, VA-based investment and management firm did not disclose the purchase price; the New York Post has reported it at around $107 million.

“We are encouraged by the positive signs suggesting that the New York City market has reached a point at which a real estate recovery led by tenant leasing demand can begin,” says Jordan E. Slone, chairman and CEO of Harbor Group, in a statement. He adds that his company “will be able to deliver strong lease terms to potential tenants who seek large 48,000- to 50,000-square-foot floor plates in an attractive Wall Street location.”

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