Fosun Group, the Shanghai-based company behind the $725 million acquisition of One Chase Manhattan Plaza is setting its sights on more prime New York real estate, including office, hotel and apartment properties.
The deal for the 2.2 million-square-foot Lower Manhattan office tower with seller JPMorgan Chase closed Tuesday.
“In the U.S., the priority is New York,” Guo Guangchang, who co-founded Fosun, told the Wall Street Journal.
Chinese buyers have been making quite a splash in the New York City market in recent months, including Soho China’s purchase of a 40 percent stake in the General Motors Building at 767 Fifth Avenue and Greenland Holdings Group’s 70 percent stake in Forest City Ratner’s Atlantic Yards.
JPMorgan is currently the building’s anchor tenant, but the bank plans to downsize the majority of its space in coming months, leaving about half the tower vacant. Guo told the Journal he believes he can get Chinese companies to fill the void. [WSJ] – Hiten Samtani