Bank of China to buy 7 Bryant Park for $600M

Financial giant initially eyed leasing space at Midtown tower owned by Hines and JP Morgan

TRD New York /
Dec.December 08, 2014 03:28 PM

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.

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


Related Articles

arrow_forward_ios
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
JPMorgan Chase CEO Jamie DImon and 410 Madison Avenue (Getty Images, Google Maps)

JPMorgan Chase closes on $115M buy of Bank of China’s former HQ

JPMorgan Chase closes on $115M buy of Bank of China’s former HQ
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)

Bistricer lands $386M construction loan for Greenpoint project

Bistricer lands $386M construction loan for Greenpoint project
The Eugene at 435 West 31st Street and Brookfield's Ric Clark (Credit: StreetEasy and Brookfield)

Brookfield scores $479M refi on Manhattan West resi tower

Brookfield scores $479M refi on Manhattan West resi tower
JPMorgan Chase will spend more than $100M for Bank of China’s US headquarters

JPMorgan Chase will spend more than $100M for Bank of China’s US headquarters

JPMorgan Chase will spend more than $100M for Bank of China’s US headquarters
These were the 10 largest Manhattan real estate loans in November

These were the 10 largest Manhattan real estate loans in November

These were the 10 largest Manhattan real estate loans in November
Bank of China in talks to buy land under 7 Bryant Park

Bank of China in talks to buy land under 7 Bryant Park

Bank of China in talks to buy land under 7 Bryant Park
industry city

Industry City owners get $196M loan from Bank of China

Industry City owners get $196M loan from Bank of China
arrow_forward_ios

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

Loading...