Chinese investor buys stake in Manhattan office property
Chinese sovereign wealth fund China Investment Corp. has acquired a 49 percent partial interest in One New York Plaza in Manhattan for $700 million. The seller was Brookfield Property Partners, which continues to own the remaining interest. One New York Plaza totals 2.6 million square feet and spans 50 stories. Office tenants include Morgan Stanley and Fried, Frank, Harris. The sovereign wealth fund, with its partner LaSalle Investment Management, is also in contract to acquire an office condominium at AMA Plaza in Chicago for an estimated sales price of $539 million. The seller is Five Mile Capital.