NEW YORK CITY-Fosun International Ltd.—a Shanghai based company—has acquired One Chase Manhattan Plaza from JP Morgan Chase Bank at 16-48 Liberty St. for $725 million. CBRE's vice chairmen Darcy Stacom and Bill Shanahan arranged the deal. JP Morgan is slated to stay at the building as an anchor tenant.
The 60-story, 2.2-million-square-foot class A office building includes five 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.
In addition to One Chase Manhattan Plaza's historical importance, it has a great location. Situated in the core of Lower Manhattan, the plaza of the building connects with seven subway lines. 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.
Earlier this year, when the sale was announced, it was rumored that the building could command $1 billion or more when sold. At that time, it was also thought that J.P. Morgan would largely vacate the property once it was sold.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
