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.”

New York Weekend Edition /
Feb.February 17, 2018 12:21 PM

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


Related Articles

arrow_forward_ios
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
Traffic was up 47.5 percent from last year, when coronavirus restrictions and concerns were more rampant. (iStock, Getty)
Black Friday retail traffic stuck below pre-pandemic levels
Black Friday retail traffic stuck below pre-pandemic levels
KPF's A. Eugene Kohn and 11 West 42nd Street (Google Maps, KPF)
KPF expands at Tishman Speyer building after sweetener
KPF expands at Tishman Speyer building after sweetener
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Tishman Speyer CEO Rob Speyer, Turner Construction CEO Peter Davoren and The Spiral at 66 Hudson Boulevard (Getty, Turner Construction, Tishman Speyer)
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Donald Trump (Getty)
Pandemic dashed one-quarter of Trump’s NYC retail tenants
Pandemic dashed one-quarter of Trump’s NYC retail tenants
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
arrow_forward_ios

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

Loading...