A consortium of investors from China is in talks to purchase a 40% stake in General Motors building located in Manhattan. The group would include Zhang Xin, Soho China Ltd's CEO.
The deal is projected to be at US$3.4 billion according to sources knowledgeable with the transaction. This would make the building's fifty stories located on Fifth Avenue near Central Park the most valuable and expensive office building in the United States. The selling group is a Middle Eastern investor consortium. Of Qatari and Kuwaiti investors through a Goldman Sachs company and a Dubai owned private equity firm.
The other 60% is currently owned by Boston Properties Inc who shelled out US$2.8 billion to purchase the historied property from Macklowe Properties back in 2008.
Zhang had indicated great interest in owning US properties. One of the properties he had purchased was a 49% interest in Park Avenue Plaza back in 2011 for the cost of US$600 million according to the Wall Street Journal.
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