December 13, 2016
S.L. Green Realty Corp. brought an interesting proposition before financial giant J.P. Morgan Chase. Specifically, the real estate investment company offered its under construction, 1.75-million-square-foot One Vanderbilt office tower as trade for the financial institution’s two headquarters buildings at 383 Madison Ave. and 270 Park Ave in New York City.
The bank isn’t looking to relocate at this point, but indicated it would look at the right deal a couple of years ago when negotiating a package of incentives with the city and state, that would allow it to move into Related Cos.’ Hudson Yards.
Though negotiations have not yet commenced, S.L. Green might have some help. The company is negotiating to sell a 28% stake in One Vanderbilt to a foreign investor.
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