Fosun Rebrands One Chase Manhattan Plaza as 28 Liberty

Fosun Property Holdings, has announced that it has renamed its One Chase Manhattan Plaza as “28 Liberty,” as the real estate arm of one of China’s largest investment conglomerates steps up marketing for the landmark building it acquired in 2013.

According to a statement from Fosun, it is now working with leasing agent JLL to rent out one million square feet (93,000 square metres) of grade A office space in the 60-storey, 2.2 million square foot tower.

Fosun acquired the former home of Chase Manhattan bank in October 2013 for $725 million, which was then the highest sum paid to date by a Chinese investor in acquiring an overseas real estate asset.

Taking Liberties

“The choice of 28 Liberty as the building’s name reveals Fosun’s deep respect for the history of the property and the culture of Lower Manhattan,” said Mr. Guo Guangchang, Chairman of Fosun International. “We are committed to the New York market, and we are dedicated to positioning 28 Liberty as a world-class destination for local and international businesses alike.”

Fosun says that it chose the new name for the building to note the tower’s location on Liberty Street, as well as its views of the Statue of Liberty in New York Harbour. In Chinese, the number 28 is often use to denote double prosperity.

Since more than fifty-year old tower, Fosun has put the building through extensive renovation to update the lobby, elevators, and infrastructure, as well as upgrading the surrounding plaza. With its facelift now complete, the renovated property will accommodate more than 200,000 square feet (18,600 square metres), according to Fosun.

Fosun’s acquitions did not stop with its purchase of the New York landmark either. In just over a year since its New York deal, Fosun has continued its buying spree by joining a deal for a $9.3 billion seaside development project in Athens, Greece, acquiring two office towers in Tokyo and financing the purchase of the Lloyds Chambers building in London.

The investment conglomerate has also been actively acquiring assets in other industries, most notably its US$1.1 billion takeover of France’s Club Med, as well as several acquisitions in the finance sector.