China Life Teams with RXR Realty to Acquire 1285 Avenue of the Americas for US$1.65 Billion
Hong Kong – Paul Hastings LLP, a leading global law firm, announced today that it represented China Life in the US$1.65 billion acquisition of 1285 Avenue of the Americas in Manhattan, the highest value New York City office building transaction this year. The purchaser consortium was led by RXR Realty LLC., a New York Tri-State Area active institutional owner, manager, and developer. China Life is the single largest investor in the transaction.
Located between 51st and 52nd Streets, 1285 Avenue of the Americas is a Class-A mixed-use tower featuring office and retail uses, with the UBS Group as the largest tenant, occupying approximately half of the building for its North American headquarters. As part of the transaction, the UBS Group has reconfirmed its commitment to the building by renewing its lease until 2032.
Paul Hastings’ Global Real Estate practice has been actively advising Chinese institutional investors in their major outbound real estate investments, and has previously advised China Life on the formation of a partnership with Global Logistic Properties and two additional leading Asian global institutional investors for the acquisition of a Class-A, state-of-the-art U.S. logistics portfolio valued at approximately US$4.5 billion.
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