JPMorgan Chase & Co has agreed to sell the iconic One Chase Manhattan Plaza tower to China's Fosun International for $725 million.
Fosun, a Shanghai-based conglomerate which invests in property, pharmaceuticals and steel, is purchasing the historic tower built by David Rockefeller in 1961. They will become the second owners of the tower, according to a company announcement.
The 60-story, 2.2 million-square-foot grade-A office building is located on a 2.5-acre plaza. The building was designated as a landmark by the New York City Landmarks Preservation Commission in 2009.
"The plaza of the building connects with seven subway lines providing great access to public transportation," Fosun said in a statement. "The reconstruction of the World Trade Center and the upgrading of Fulton Street transportation hub will create a new business section that will enhance the value of the property."
JPMorgan Chase Bank will remain a tenant in the building.
Although Fosun is following suit with other Chinese companies investing overseas, the company continues to invest in China and recently announced its financial backing of the Atlantis resort in Sanya Hainan on the South China Sea.