Chinese investors made their biggest ever New York deal with the $725 million purchase of One Chase Manhattan Plaza.
Summit Glory Holdings Limited, a subsidiary of Shanghai-based Fosun, bought the building from the bank that has called it home for decades. CBRE was the broker.
Chase plans to move some 4,000 employees to other locations but has indicated it will keep its branch office at the base of the tower, as well as some office space above, according to the New York Times.
The newspaper reported that some 70 percent of the 60-story tower will be vacant within a year but that Fosun wants keep it an office building and lease space to several Chinese companies.
One Chase Manhattan Plaza is a 2.2 million square foot Grade A office building with five lower levels on a 2.5 acre plaza.
According to Bloomberg news, the deal would be the largest purchase of a New York building by a Chinese buyer.
In the last month Chinese buyers have pumped money into the General Motors Building and the massive Atlantic Yards development in Brooklyn.