03:32 PM EST, 01/30/2025 (MT Newswires) -- Blackstone (BX) is close to acquiring a 50-story Midtown Manhattan building measuring about 1.9 million square feet, multiple media outlets reported Thursday, citing sources with knowledge of the matter.

The move would mark a return to New York office deals for the real estate investor, Bloomberg reported, citing people familiar with the matter.

Fisher Brothers and institutional investors advised by JPMorgan Asset Management currently own the 1345 Avenue of the Americas building, though JPMorgan ( JPM ) itself has no direct equity stake, Reuters reported.

Talks are ongoing and not guaranteed to lead to a final agreement, according to the reports.

Blackstone officials suggested on an earnings call that commercial real estate may be stabilizing, reflecting broader confidence in the sector, according to the reports.

JPMorgan Asset Management declined to comment.

Fisher Brothers and Blackstone did not immediately respond to a request for comment from MT Newswires.

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