The Real Deal New York

Bank of China now weighing ownership stake at 7 Bryant Park

Lender already in talks for flagship space at upcoming 30-story office property
September 09, 2014 03:15PM

Beijing-based financial giant Bank of China is not only in talks to occupy 7 Bryant Park as the flagship tenant but also to acquire an ownership or condominium stake in the 30-story Midtown office property.

Under the deal, the bank would either purchase its floors or partner up with the building’s owners and acquire a stake in the property. Taking an ownership stake could involve buying out one or more of the current owners.

A partnership including JPMorgan Asset Management, Pacolet Milliken Enterprises and Hines is in the process of developing the 471,000-square-foot tower, located on Sixth Avenue between West 39th and West 40th streets. The building is slated to open early next year.

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The bank was considering taking 200,000 square feet earlier this year, as previously reported. [Crain’s]Mark Maurer