Sale of membership interests in midtown Manhattan property
Davis Polk advised J.P. Morgan Investment Management Inc., in its capacity as investment adviser, on the sale of a 49.9% membership interest in a 25-story office and retail property located at 498 Seventh Avenue in the Times Square South neighborhood of Manhattan; this transaction reflects a gross valuation of the property of $680 million.
J.P. Morgan Investment Management Inc., also known as J.P. Morgan Asset & Wealth Management, is an industry-leading global asset management group with more than 150 years of investment experience. Their real estate portfolio includes investments in Asia, Europe and the Americas, and spans the public and private markets.
The Davis Polk real estate team included partner Brian S. Lichter and associates Rachel M. Feldstein and Shua Mermelstein. Partner Po Sit and associate Lex L. Varga provided tax advice. All members of the Davis Polk team are based in the New York office.