Chinese insurer Anbang snatches up prized Fifth Ave. building

Firm continues acquiring trophy properties following $2B Waldorf Astoria deal

New York /
Feb.February 18, 2015 01:55 PM

UPDATED, Feb. 19, 1:49 p.m.: Anbang Insurance Group, the Chinese company that purchased the Waldorf Astoria last year for $2 billion, is making another impressive deal with the purchase of 717 Fifth Avenue from the Blackstone Group for an undisclosed price. 

The 26-story, 465,000-square-foot office tower is located on the corner of 56th Street — one block south of the Crown Building, which is 80,000 square feet smaller and sold for $1.75 billion late last year, Crain’s reported.

Office buildings like 717 Fifth Avenue in Midtown’s Plaza District can command rents upward of $200 per square foot. Harry Winston occupies the ninth floor of the building. Retail rents in the area are some of the highest in the city.

CBRE represented Blackstone in the deal.

Blackstone originally put the building on the market in October 2013. [Crain’s] — Tess Hofmann

Correction: A previous version of this story misidentified the broker representing Blackstone. 

 

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