Bank of China in talks to buy land under 7 Bryant Park
Fee interest could fetch $200M
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