NEW YORK CITY—GlobeSt.com has confirmed published reports that Anbang Insurance Co.—the Chinese insurance firm behind last year's massive Waldorf-Astoria purchase—has picked up an office condominium in the tony Plaza district.
Sold for an undisclosed sum by Blackstone Group, 717 5th Ave. spans 353,000 square feet, reports a source close to the deal. The property was picked up by Blackstone back in Feb. 2007 for approximately $450 million—or $1,182 per square foot, according to industry data.
The building's 110,000 square feet of retail space—which, despite published reports, is not owned by Blackstone—was not part of the deal. A majority stake in that property was sold in 2012 by SL Green to Jeff Sutton for $618 million, or $5,024 per square foot, industry data reveals.
CBRE exclusively represented Blackstone on the deal. CBRE and Blackstone declined to comment to GlobeSt.com.
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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.
