Bank of China, which owns the leasehold on the 7 Bryant Park office building in Manhattan, N.Y., is in the middle of discussions to purchase the land plot the asset is sitting atop, The Real Deal reported.
The Chinese banking giant could pay Pacolet Milliken Enterprises Inc approximately $200 million for the site, a price that reflects a cap rate of roughly 3%, the Feb. 27 report noted, citing Real Estate Alert.
The financial institution, which has its U.S. headquarters spread over 250,000 square feet of space in the building, first acquired the 29-story tower's leasehold in 2015 for $600 million.
The 7 Bryant Park building was completed in 2015 by a joint venture led by developer Hines and JPMorgan Chase & Co.'s asset management unit.
