The iconic Trump Tower, in New York City, is likely to see a major renovation, with the developer, developer-developer-investor Robert M. Deutsch Group, in talks to buy it, according to people familiar with the matter.
The plan is to convert the property into an office tower, which would be the most prominent structure in the skyline, the people said.
Trump Tower has been under scrutiny for its financial stability, but a new investment could alter that.
The developer-investment group, which also includes two other major developers, is in talks with other investors, the sources said.
The developers have yet to make a final decision on who they will invest in, and no date has been set for a public auction of the property, the two people said, speaking on condition of anonymity.
The Trump Organization said in a statement it is “disappointed” that the developer is considering the site for an office project, saying that “any suggestion of a potential redevelopment would be contrary to our long-standing position of respecting the integrity of the historic Trump Tower and our vision for the future.”
It said it will work with local leaders to explore any development options.
In a separate development, the Trump Organization is also working on a project that would include apartments and retail space.
The company declined to comment.
Trump Tower has a complex history, dating back to the 1930s and 1950s, when the developer built the skyscraper on a plot that once served as the headquarters of the National Guard.
Its facade was designed by famed New York architect Charles E. Schulz, whose style was considered among the most modern in the world.
It has long been the site of a series of presidential rallies and a memorial to Abraham Lincoln.
Trump’s namesake was born in Brooklyn, and he owned real estate in New Jersey and Pennsylvania.
The property, which is surrounded by residential buildings and a parking garage, was a focal point of the 1960s counterculture.
A few of the buildings around Trump Tower have been demolished, and many more remain standing, though some have been damaged by the storm.
The towers’ exterior remains largely intact, although a new office tower was constructed on its northeast corner.