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

Deal is Chinese insurer’s second major buy in NYC

TRD New York /
May.May 21, 2015 04:50 PM

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.


Related Articles

arrow_forward_ios
Blackstone Real Estate Debt Strategies' Jonathan Pollack (Blackstone; iStock)

Blackstone assembles biggest real estate debt fund ever

Blackstone assembles biggest real estate debt fund ever
From left: Joe Biden, Starwood Capital's Barry Sternlicht, Blackstone's Stephen Schwarzman and Donald Trump (Getty; iStock)

Where real estate’s investment giants stand on Biden vs. Trump

Where real estate’s investment giants stand on Biden vs. Trump
Stuyvesant Town (Getty)

Layoffs at Blackstone’s Stuy Town management firm

Layoffs at Blackstone’s Stuy Town management firm
Ken TaeHern Kim, Zhongyuan Li and the Hyatt Regency Waikiki Beach (Linkedin, Google Maps)

Allegations fly in trial over Anbang and Mirae’s $5.8B hotel deal

Allegations fly in trial over Anbang and Mirae’s $5.8B hotel deal
Brookfield’s Bruce Flatt and Blackstone’s Jonathan Gray

Blackstone and Brookfield are going mall shopping in India

Blackstone and Brookfield are going mall shopping in India
Blackstone's Jonathan Gray and a rendering of 350 Park (Vornado, Blackstone)

Blackstone eyes new 1M sf NYC headquarters

Blackstone eyes new 1M sf NYC headquarters
Blackstone Group president Jonathan Gray (Getty)

The future according to Blackstone: “Less density and a lot less new construction”

The future according to Blackstone: “Less density and a lot less new construction”
Blackstone's Jonathan Gray (iStock, Getty)

Blackstone says goodbye to CMBS fund

Blackstone says goodbye to CMBS fund
arrow_forward_ios

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

Loading...