The Shanghai-based company Fosun Group, which purchased 1 Chase Manhattan Plaza for $725 million, is in talks to pick up a Manhattan-based partner.
L&L Holding Company, which picked up 114 Fifth Avenue for $165 million in a joint venture earlier this year, is in negotiations to co-own the 2.2 million-square-foot tower, according to people familiar with the transaction cited by Crain’s. JPMorgan Chase, long the building’s owner and the current occupant of a large swath of the building, “will remain as an important tenant,” Fosun said in a statement.
The larger plan, it appears, is to keep 1 Chase Manhattan Plaza a commercial property.
The deal marks the latest in several investment purchases by Chinese buyers as of late, including China Soho’s purchase of a 40 percent stake in the General Motors Building at 767 Fifth Avenue and Greenland Holdings Group’s 70 percent stake in a cluster of buildings Forest City Ratner has planned for Atlantic Yards. [Crain's] — Julie Strickland