Anbang swoops for latest property deal

19 February 2015

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.