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.
Sign up for China Watch for weekly emails on Chinese real estate investments.
The bank was considering taking 200,000 square feet earlier this year, as previously reported. [Crain’s] — Mark Maurer