Bank of China to buy Manhattan tower for nearly $600 mln

A Manhattan office building that Bank of China has made a deal to buy. (File photo)

(ECNS) – Bank of China (BOC) has made a deal to buy a Manhattan office building for nearly $600 million, finance.sina.com.cn reported Tuesday.

With a total area of 470,000 square feet on 28 floors, the glassed office block at the intersection of 40th Street and Sixth Avenue is to the south of the 1200-foot Bank of America tower.

The purchase of this block after its construction next year is the latest move of Chinese funds into the US real estate market.

BOC may move its headquarters into this office building, which would be an upgrade compared to its existing headquarters at No. 410, Madison Avenue.

The new building was constructed with joint capital from Houston developer Hines and J.P. Morgan Chase & Co.'s asset management arm.