A J.P. Morgan Asset Management partnership is seeking to sell or recapitalize a lower Manhattan office building valued at up to $800 million, according to Real Estate Alert.
The move reflects a change in strategy.
Earlier this year, the partnership sought to refinance the 1.1 million-square-foot building, but the J.P. Morgan group recently dropped that plan and is now consider bids ranging from a 49 percent stake to outright ownership.
In 2013, J.P. Morgan acquired a 95 percent stake in the Financial District building from a partnership between Beacon Capital Partners and L&L Holding. That duo retained the remaining 5 percent interest.
