News
171 17th St To Sell For A Loss?
JPMorgan has put its trophy Atlantic Station tower on the market and could sell it for a loss.
We learned that JPMorgan has put 171 17th St up for sale, the 509k SF Wells Fargo tower at Atlantic Station. Sources tell us JPMorgan is marketing it at around $255 SF to $260/SF, which could have the institutional investor see prices top $132M. But that's sharply lower for the record pricing JPMorgan paid for 171 17th back in 2005. Then it made headlines by buying the tower from AIG Global Real Estate for $163M, or $320/SF. Back then, the only office transaction to have surpassed that was $343/SF that TIAA-CREF paid for The Pinnacle. (To be fair, we were all doing crazy things in 2005, just look at pictures of your hair.)
