Bank of China is acquiring a 30-story Midtown office tower at 7 Bryant Park from developer Hines and JP Morgan for almost $600 million.
The deal is a long-term leasehold and does not include the land, which is owned by minority owner Pacolet Milliken Enterprises, the Wall Street Journal reported. The Houston-based Hines and the asset management arm of JPMorgan are the majority owners of the property.
Initially, Bank of China was said to be considering taking 200,000 square feet in the 471,000-square-foot building as a flagship tenant, as reported. Word then surfaced in September that the giant financial institution was mulling acquiring a stake in the property.
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CBRE represented the landlords in the deal with Bank of China. The owners broke ground on the building last year.
It is unknown if the Beijing-based bank will occupy the entire property . [WSJ] — Mark Maurer