Rumored $200M Hines Deal Hints At Spec Building Trend

Law360, New York (June 13, 2012, 8:33 PM EDT) -- Developer Hines Interests LP is rumored to have struck a deal with JPMorgan Chase & Co. to make a $200 million equity investment in a Manhattan office tower without any preleasing, according to a Tuesday report, which experts say could be evidence of a mini-trend of speculative building in the U.S.' hotter office markets.

The $200 million infusion from JPMorgan's asset management division, acting on behalf of clients, will cover most of the cost to develop 7 Bryant Park, the Wall Street Journal reported, citing unnamed...
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