Hong Kong office tower asking more than $3B finds no takers

Owner takes 59-story building off the market, says “Anyone can give me an offer and I would consider it.”
February 17, 2018 12:21PM

Langham Place in Hong Kong

A Hong Kong company took a 59-story office tower off the market that it had listed for $3.1 billion amid a heated market.

Hong Kong’s Champion REIT had listed the Langham Place Office Tower in Mongkok with Savills in July.

Company CEO Ada Wong told Bloomberg News that the owner is taking a “passive” role with the property after Savills’ agency ended.

“Anyone can give me an offer and I would consider it,” she said.

The $3.1 billion asking price was almost twice the value respondents to a Bloomberg survey said the building was worth.

“I am not surprised — they were too aggressive and the asking price was too high,” said Siu Fung Lung, an analyst at CGS-CIMB Securities.

In New York City, Google has a contract to buy the Chelsea Market building at 75 Ninth Avenue for $2.4 billion. That would make it the second-priciest building sale in the city behind Boston Properties’ purchase of the GM Building at 767 Fifth Avenue in 2008 for $2.8 billion. [Bloomberg]Rich Bockmann