BOSTON—China Life Insurance Group Co. and Ping An Insurance Co., along with New York's Tishman Speyer Properties, plan to buy a majority stake in $500 million Boston mixed-use project, according to the Wall Street Journal.
The Chinese firm's, two of the country's largest insurance companies, are making their first investment in U.S. commercial real estate, according to a source cited by the Journal.
The plans call for a 13-story office tower and a nine-story condominium building that will include 100 units. The project in the city's popular Seaport District will take up most of Pier 4, which was known for Anthony's Pier 4, a restaurant that closed two years ago to make way for redeveloping the site.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
