A Chinese company has bought a landmark, 60-story Manhattan office tower from JPMorgan Chase for $725 million.
The New York Times reports that Fosun International of China outmaneuvered half a dozen bidders for the building, 1 Chase Manhattan Plaza.
Fosun International is owned by billionaire Guo Guangchang.
Other bidders had wanted to convert the building to condos and a hotel, but real estate executives say Fosun wants it to remain an office building.
Chase issued a statement on Friday saying it was pleased with the deal
The bank plans to move about 4,000 employees to other locations. But bank officials said they would keep Chase's large branch office at the base of the tower as well as some office space above.