JPMorgan Chase & Co.’s deal to sell 1 Chase Manhattan Plaza to Fosun International Ltd. would be the largest purchase of a New York building by a Chinese buyer, showing Asian investors’ growing appetite for U.S. real estate.
The Fontainebleau Miami Beach is booked solid next week as bankers prepare to crowd the iconic lobby for cocktails at an annual bond-market convention. For owner Jeffrey Soffer, the conference helps justify a $1 billion makeover that almost cost him the property three years ago.
SL Green Realty Corp. , New York’s biggest landlord, agreed to sell its minority stake in McGraw- Hill Cos. headquarters building in Midtown for $576 million to help pay for purchasing two other Manhattan office towers.
Blackstone Group LP, the biggest manager of private-equity real estate funds, agreed to sell its 50 percent stake in London’s Broadgate complex for more than 1.7 billion pounds ($2.7 billion) in one of Europe’s largest office deals, said two people with knowledge of the transaction.
GE Capital Real Estate, among the world’s biggest property investors before getting burned in the financial crisis, is increasing lending this year as deals accelerate and the cost of borrowing jumps in the commercial mortgage-backed securities market.
London’s commercial property market has probably drawn the most investment for the second consecutive year as prospects of rising rental income attract cash from as far afield as Hong Kong, Qatar and Canada.