The Real Deal New York

Bank of China looks to sell longtime US HQ at 410 Madison

Chinese lender has been moving piecemeal to much larger digs at 7 Bryant Park
By Mark Maurer | May 04, 2017 12:35PM

From left: 410-416 Madison Avenue, Bank of China’s Vice Chairman Chen Siqing and 7 Bryant-Park

As it settles into spacious new digs at 7 Bryant Park, Bank of China is looking to sell its longtime U.S. headquarters at 410-416 Madison Avenue, sources told The Real Deal.

The bank is in talks with several top brokerages to market the seven-story brick building at the corner of East 48th Street, likely as a development site, said sources familiar with the negotiations. The property spans just over 58,000 square feet but offers about 107,500 buildable square feet.

Sources said bank executives have met over the past two weeks with brokers from CBRE, JLL, Cushman & Wakefield, Colliers International and others about the assignment.

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A representative for Bank of China could not be reached for comment. The bank, whose U.S. lending operations are led by Raymond Qiao, has become one of the most important lenders in the New York market in recent years, funding projects such as 220 Central Park South, Industry City and the retail space at Hudson Yards.

Bank of China leased and owned the building for more than 35 years as its New York headquarters. But, in 2015, the bank made a bold move to acquire the leasehold for the 28-story glass office building at 7 Bryant Park from Hines and JPMorgan Chase for $600 million and take 250,000 square feet of the property’s total 470,000 square feet.

The bank’s website still lists 410 Madison Avenue as its New York office, and a Queens location at 42-35 Main Street in Flushing. The bank has moved into 7 Bryant Park, but has not fully moved out of the Madison Avenue property, sources said.

In recent months, Chinese investors have faced challenges when trying to pump money into New York’s real estate market, due to a series of capital controls coming out of Beijing.