The Real Deal New York

Bank of China in talks to buy land under 7 Bryant Park

Fee interest could fetch $200M
February 27, 2018 06:00PM

7 Bryant Park and Bank of China’s Xu Chen.jpg


Three years after buying the leasehold on 7 Bryant Park, Bank of China is in talks to buy the land under the building as well.

The fee interest on the 475,000-square-foot office tower could sell for around $200 million, Real Estate Alert reported, at a cap rate of around 3 percent. South Carolina-based Pacolet Milliken Enterprises is the owner.

Pacolet developed the tower in partnership with Hines and JPMorgan Asset Management. In 2015, Bank of China bought the leasehold for $600 million. The lender occupies 250,000 square feet at the 29-story tower, which serves as its U.S. headquarters.

Across the street, the Blackstone Group is currently looking for a buyer for its 682,000-square-foot office tower 5 Bryant Park. [REA] — Konrad Putzier