Anbang closes on Blackstone’s 717 Fifth for $415M

Deal is Chinese insurer’s second major buy in NYC
By E.B. Solomont | May 21, 2015 04:50PM

Anbang Insurance Group, the Chinese insurer that bought the Waldorf Astoria last year, has closed on its second major acquisition in New York City, paying $415 million for the office portion of  717 Fifth Avenue.

Anbang inked a contract with the Blackstone Group earlier this year to buy the office portion of the property, which is located at the corner of 56th Street. The tower has about 350,000 square feet of office space and had been on the market since October 2013. CBRE represented Blackstone in the deal, while Eastdil Secured represented Anbang. A partnership between Jeff Sutton and SL Green Realty owns the building’s highly valuable 100,000-square-foot retail space.

Jeweler Harry Winston occupies the ninth floor of the building, space which it renewed its lease for last year at $86 per square foot.

In February, Anbang made its first major acquisition in New York City when it paid nearly $2 billion for the iconic Waldorf Astoria. The insurance company plans to convert the top floors to condos, as The Real Deal reported.

Anbang, which has $114 billion in assets according to its website, is planning an initial public offering that could raise $2 billion.