Fosun acquires One Chase Manhattan Plaza for $725 million (US)

Fosun International Limited issued a voluntary announcement on Friday regarding the acquisition of One Chase Manhattan Plaza, which is located at 16-48 Liberty Street, New York.

A wholly owned subsidiary of Fosun International has signed an agreement of sale and purchase with JPMorgan Chase Bank, National Association at a purchase price of $725, 000,000.

According to the voluntary announcement, One Chase Manhattan Plaza is a 60-storey, 2.2 million ft² (approx. 204,386 m²) Grade-A office building with 5 lower levels on a 2.5 acre plaza. Previously, it was the world headquarters of Chase Manhattan Bank.

As one of the few high-end landmark office buildings in New York City, One Chase Manhattan Plaza has never changed its ownership since the Chase Manhattan Bank built it in 1961 with David Rockefeller playing a leading role. Given its historical significance, architectural uniqueness and public impact, One Chase Manhattan Plaza was designated as a Landmark by the New York City Landmarks Preservation Commission in 2009.

As a Grade-A office building, One Chase Manhattan Plaza possesses not only historical importance but also an excellent location. Situated in the core area of the north section of downtown Manhattan, the financial district of New York City, the plaza of the building connects with 7 subway lines providing great access to public transportation. The reconstruction of the World Trade Center and the upgrading of Fulton Street transportation hub will create a new business section that will enhance the value of the property. In addition, according to the agreement, JPMorgan Chase Bank will remain as an important tenant in the building.

Source: Fosun

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