NEW YORK—Hines, along with joint venture partner Pacolet Milliken Enterprises Inc., closed on an all-equity investment from institutional clients advised by J.P. Morgan Asset Management for 7 Bryant Park, a new office tower to overlook Bryant Park.

Located on Avenue of the Americas, the property will offer a block of frontage at the southwest corner of the park.

The arrangement of equity financing allows Hines to move forward with construction. Construction is expected to begin in the fourth quarter of 2012, with first occupancy planned for the fourth quarter of 2014.

Designed by architect Henry N. Cobb of Pei Cobb Freed & Partners, the 28-story, 470,000-sq.-ft. tower will be built on property that Pacolet Milliken has owned since 1954.

The project has been designed for major tenants needing 100,000 to 250,000 sq. ft. of space. For these users, 7 Bryant Park will offer high-end amenities, spaces and infrastructure, as well as branding opportunities.

Design elements planned include 10-ft. finished ceilings and full-height clear vision glass throughout; column-free floor plans; infrastructure flexibility with a raised floor for cable and power; two outdoor terraces overlooking the park on the building’s 10th floor; and multiple top-floor opportunities including the possibility for a penthouse with outdoor space. In addition, the project is slated for LEED Gold certification.

Hines and J.P. Morgan Investment Management have a longstanding relationship. CBRE’s Mary Ann Tighe is leading the leasing program for the property.