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JPMorgan Chase Reportedly Buys Rights For HQ From Michael Dell Partnership

JPMorgan Chase & Co. (JPM) has acquired the bulk of the air rights it needs to build its new headquarters tower at 270 Park Ave. in midtown Manhattan from a partnership that controls Grand Central Terminal's unused space, Bloomberg reported citing a person familiar with the transaction.

The report noted that The bank bought about 650,000 square feet of air rights from a partnership controlled by MSD Capital, the investment firm for Dell Inc. founder Michael Dell and his family, and New York-based real estate company TF Cornerstone. The report didn't disclose the price paid.

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