China's Anbang Insurance Group is buying an office tower in New York City from Blackstone Group for an undisclosed amount, according to a report from Reuters.
The property at 717 Fifth Avenue is a 26-storey, roughly 350,000-square-foot office tower. Anbang is not buying the property's retail space, Reuters claimed.
Neither Anbang nor Blackstone have commented on the deal as yet.
The transaction marks the latest in a string of deals for Anbang. This week it confirmed that it was paying $1bn for a controlling stake in South Korean insurer Tong Yang (IAR, 17 February, Anbang confirms $1bn stake in Tong Yang) and at the start of February Anbang announced that its purchase of New York's famous Waldorf Astoria Hotel for $1.95bn had been approved by US regulators.
Channels:SAA/ALM
