JPMorgan sells 1 Chase Manhattan to Chinese group for $725M

New York /
Oct.October 18, 2013 10:41 AM

JPMorgan Chase has agreed to sell 1 Chase Manhattan Plaza, a 2.2 million-square-foot Lower Manhattan office tower, to the investment arm of a Chinese industrial giant for $725 million.

Fosun International, owned by Chinese billionaire Guo Guangchang, beat out a number of other suitors for the 60-story building, including RXR Realty’s Scott Rechler, Tishman Speyer and Boston Properties, according to the company’s recent filing on the Hong Kong stock exchange seen by Bloomberg News.

“There’s a lot of excess capital in China that needs a way out at the moment,” Simon Lo, a Hong Kong-based executive at commercial brokerage Colliers International, told Bloomberg News. The purchase could also be a way for the company to take advantage of the U.S. real estate recovery, Lo added.

The property sits on a 2.5-acre parcel bounded by Nassau, Liberty, William and Pine streets. Market observers have said that the building could be converted into high-end residential or hotel use. A spokesperson for Fosun declined to comment to Bloomberg News on their plans for the building. A JPMorgan spokesperson could not immediately be reached for comment. [Bloomberg News]  – Hiten Samtani


Related Articles

arrow_forward_ios
Hugh Jackman and 100 Eleventh Avenue #PHA (Getty, StreetEasy)
Hugh Jackman buys penthouse at Jean Nouvel tower
Hugh Jackman buys penthouse at Jean Nouvel tower
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
257-263 West 34th Street and Cornell Realty’s Isaac Hager (Google Maps, Getty)
Isaac Hager seeks bankruptcy for Penn Plaza stake, but Churchill resists
Isaac Hager seeks bankruptcy for Penn Plaza stake, but Churchill resists
Vlad Dronin with the  Crown Building (Crown Building, Getty)
Vlad Doronin’s Crown Building notches another $50M sale
Vlad Doronin’s Crown Building notches another $50M sale
KPG Funds' Rod Kritsberg and a photo illustration of the old (left) and new (right) buildings at 132 West 14th Street (KPG Funds, Getty Images)
KPG gets loan to turn “world’s ugliest building” into sleek office property
KPG gets loan to turn “world’s ugliest building” into sleek office property
From left: Extell’s Gary Barnett and Landsea Homes' John Ho with 540 Sixth Avenue (Linkedin, Getty)
Gary Barnett sues developer for poaching his tenant
Gary Barnett sues developer for poaching his tenant
Vornado ceo Steven Roth and One Penn Plaza (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Vornado Realty Trust)
Vornado’s Roth sees “choppy” market, chides Penn skeptics
Vornado’s Roth sees “choppy” market, chides Penn skeptics
Joe Chetrit and the Hotel Carter Times Square at 250 West 43rd Street (Getty, Google Maps)
Chetrit gets $185M loan to renovate NYC’s formerly filthiest hotel
Chetrit gets $185M loan to renovate NYC’s formerly filthiest hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...