…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…
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Chinese Investors Help Drive Manhattan Office Investment to Record High
…such as Shanghai-based investment group Fosun acquiring the 60-story, One Chase Manhattan Plaza for $725 million, and Soho China CEO Zhang Xin leading a group that purchased a $700 million stake in the GM Building, helped drive the new levels of investment. “These investors have been kicking the tires here (in Manhattan) for some time but they have finally educated themselves enough on the market to feel comfortable here and their participation h…
Fosun Pays US$725 Mil for Chase Manhattan Building and the Big Buyer Trophy
…ompany to acquire a US trophy asset last week when it agreed to purchase 1 Chase Manhattan Plaza from JP Morgan Chase for US$725 million. With the acquisition the closely held Shanghai firm now holds the most expensive real estate trophy asset of any Chinese firm entering the US market, overshadowing a number of potentially larger, but as yet unfulfilled deals announced by rival firms in recent months. The Chase Manhattan deal comes in the wake of…
Fosun Said Nearing $1.1B Refinance of NYC Trophy Tower
…perty Holdings acquired the landmark 60-storey skyscraper, then dubbed One Chase Manhattan Plaza, from JP Morgan Chase for $725 million in late 2013. The refinancing deal reportedly under discussion would allow the Shanghai-based firm to retain control of the asset after its revamp and leasing up of the 2.2 million square foot (208,000 square metre) property. Fosun Remakes a Trophy Tower Fosun’s acquisition of the former headquarters of Chase Manh…
URWork To Land in Fosun’s 28 Liberty in Manhattan
…ce will take up 34,000 square foot at Fosun-owned 28 Liberty, formerly One Chase Manhattan Plaza The partnership with Serendipity Labs will give customers of both companies access to their combined network of international locations, via a joint booking system. To cater to Chinese firms or multinationals with ties to the country, the New York location will also have a number of Mandarin-speaking staff on hand, Mao told The Wall Street Journal. Ser…
JP Morgan Chase Builds 11% Stake in China Vanke
…financial conglomerate Baoneng Group, initiated a takeover campaign to purchase a major stake in China Vanke in the end of 2015. Between late 2015 and the end of 2017, Baoneng and its affiliate Shenzhen Jushenghua Company bought over 20 percent of Vanke’s equity, before the developer’s management pulled in Shenzhen Metro Group to purchase 29.38 percent of its issued capital and become the largest shareholder. JP Morgan’s investment coincides with…
Bank of China Buys 30-Storey New York Tower for Nearly $600M
…r Chinese real estate investment. During 2013, Shanghai’s Fosun bought One Chase Manhattan Plaza for $725 million, and Soho China CEO Zhang Xin joined a consortium of investors that acquired 40 percent of the GM Building in a deal that valued the New York tower at $3.4 billion. On the developer side, Shanghai’s Greenland Group bought part of Brooklyn’s $4 billion Atlantic Yards project, Dalian Wanda acquired a site for a $1 billion hotel and NYSE-…
China Leads Among Foreign Hunters of US Trophy Real Estate
…illion last year, up from $1.9 billion in 2012. Buying the GM Building and Chase Manhattan’s Plaza A group led by Zhang Xin bought the GM Building on New York’s Fifth Avenue In June 2013 a group of investors, led by the family of Soho China CEO Zhang Xin, paid about $1 billion for a 40 percent stake in Manhattan’s GM building. The deal valued the GM building at US$3.4 billion, making the 50-story office building on Fifth Avenue the most valuable o…
Shanghai’s Fosun Said to Pursue Cushman & Wakefield
…in an acquisition frenzy lately as it purchases everything from New York’s Chase Manhattan Plaza to France’s Club Med. An acquisition by Fosun would fit with the company’s focus on real estate investments, as well as following a trend of deals for property agencies after a US private equity firm scooped up DTZ this year, and Cushman itself acquired New York-based firm Massey Knakal. Goldman and Morgan Stanley Marketing Cushman The potential bid by…
ByteDance Said to Buy Beijing’s Zhongkun Plaza Mall for RMB 9B
…office use, according accounts in the local Chinese press. The reported purchase of the Zhongkun Plaza in the capital’s Haidian district by ByteDance, which is said to be valued at $75 billion, echos a similar move by Chinese e-commerce giant JD Group a week ago, with the world’s third-largest Internet firm having purchased an aging landmark hotel in the same area of Beijing for RMB 2.68 billion. Both JD.com and now ByteDance are turning to develo…
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