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Fosun Looking For Minority Partner At 28 Liberty

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28 Liberty St.

Chinese-backed Fosun is looking to sell off a sizable chunk of the building once known as One Chase Manhattan Plaza.

Early reports had suggested the property, 28 Liberty St., was for sale with an asking price of $1.6B, but a source said the owners are actually seeking to recapitalize the asset by selling a 49% stake in the building.

Real Estate Alert first reported news of the sale. However, a representative for the company said in a statement: "Fosun International is currently seeking a strategic partner for a minority interest in 28 Liberty," and that the company "will remain the majority owner in the building with full control of the property."

Fosun, an international conglomerate based in Shanghai and listed on the Hong Kong Stock Exchange, plans to expand in the U.S., according to the statement.

The owners spent around $200M on upgrades to the 2.2M SF 28 Liberty, which it bought for $725M from JPMorgan Chase in 2013. Last year, the New York Attorney General's office committed to occupying 345K SF at the building.

This year, Fosun inked a deal with Wolters Kluwer, a global information services company, for 130K SF. The London Stock Exchange has just leased 75K SF in the building.

CBRE's Darcy Stacom and Bill Shanahan are marketing the stake in the property. Selling partial stakes in trophy assets has become in vogue in New York City as landlords seek cash infusions while retaining control over some of the world's most valuable real estate.

Related Topics: Fosun International, 28 Liberty