NEW YORK CITY — JPMorgan Chase & Co. (NYSE: JPM) has sold One Chase Manhattan Plaza, a 60-story office tower in New York City, to Shanghai, China-based Fosun International Ltd. for $725 million. The 2.2 million-square-foot building is located at 16-48 Liberty St. in downtown Manhattan.
JPMORGAN SELLS ONE CHASE MANHATTAN PLAZA IN NYC FOR $725M
The transaction is the largest purchase of a New York building by a Chinese buyer, according to Bloomberg.
The Class A property had never changed its ownership since the Chase Manhattan Bank built the building in 1961. The New York City Landmarks Preservation Commission designated One Chase Manhattan Plaza as a landmark in 2009.
The office building includes a 2.5-acre plaza that connects with seven subway lines. Fosun says that the reconstruction of the World Trade Center and the upgrades to the Fulton Street transportation hub will create a new business section that will enhance the value of the property.
Also, according to the agreement between the companies, JP Morgan Chase Bank will remain a tenant at the building.
Fosun International Ltd. is a wholly owned subsidiary of Fosun International. On July 16, 2007, Fosun International was listed on the Hong Kong Stock Exchange.
JPMorgan Chase & Co. is global financial services firm with $2.4 trillion in assets. The company’s stock price closed at $54.30 per share on Friday, up from trading at $41.84 this time last year.
— Brittany Biddy