JPMorgan, Waterman borrow $199M from Wells Fargo for office tower in Midtown West

JPMorgan Asset Management and Waterman Interests through the entity 125 West 55th Street Realty Company LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $198.6 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 127 West 55th Street in Midtown West. The deal closed on March 10, 2021 and was recorded on March 19, 2021.
The property contains a total of 540,000 square feet of built space.
The average loan per buildable square foot is $368.
JPMorgan and Waterman bought the building from Boston Properties for $470 million in 2013. The bank in early 2020 had the property on the market, The Real Deal reported at the time. The building was expected to sell for around $550 million.

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