Blackstone has closed on the $415 million sale of the office portion of 717 Fifth Avenue to Anbang Insurance Group, the Chinese entity that bought the Waldorf Astoria in 2014.
The property, which is located on the corner of 56th Street had been on the market since the fall of 2013.
The deal went to contract earlier this year and it will provide the Chinese investor with 350,000 s/f of office space.
Blackstone was represented by CBRE and Eastdil Secured handled Anbang’s end of the transaction.
The move is in advance of a planned IPO for Anbang which the company reportedly believes will raise at least $2 billion.
SL Green Realty and Jeff Sutton own 717 Fifth’s 100,000 s/f retail component.
Neither CBRE nor Eastdil Secured was available to comment before press time.