JPMorgan eyes $425M valuation in exit from Fisher Brothers’ Third Avenue office tower
Fisher Brothers is set to recapitalize another big Midtown office tower. Fresh off its $1.1 billion recap of Park Avenue Plaza, the family firm is planning to take on a new partner at 605 Third Avenue — eyeing a valuation of $425 million. The Fishers’ partner, JPMorgan Asset Management, is looking to sell its 49-percent stake in the 43-story, 1 million-square-foot tower, The Real Deal has learned. “The new investor will partner with Fisher Brothers … to execute a strategic repositioning to elevate the Property into the top-tier of the Grand Central competitive set,” reads an offering memo from Newmark. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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