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Hammerson sells floor to Chinese conglomerate.

The Hammerson Group announces another sale of a commercial condominium at 420 Fifth Avenue in New York. Guangdong Jianlibao Group Co. Ltd., a Chinese conglomerate with a beverage operation that has been referred to as the "Coca-Cola of China," has purchased the entire 26th floor of the building, consisting of 15,350 square feet.

Hammerson began the sales process of 420 Fifth after converting the property to condominium units in order to accommodate the sale of nine floors to the Girl Scouts of the United States of America on Dec. 31, 1991. Hammerson has since completed several large transactions, pushing total office occupancy to over 60 percent.

As part of New York City's economic development trip to China, Mayor David Dinkins sent the delegation, headed by Yvonne Louie, to commemorate Guangdong Jianlibao's eighth anniversary, which fell on Aug. 28. The number eight has great meaning to Chinese, as it is associated with long life and prosperity.

Garran J. Graner, Esq., the New York attorney for Guangdong Jianlibao Group Co. Ltd., and Sino-American Info. & Trade Center, Inc., represented Jianlibao in this transaction.

Hammerson's senior advisor, Ed Cogan completed the transaction on Hammerson's behalf.
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Title Annotation:Hammerson Group sells commercial condominium space in New York, New York
Publication:Real Estate Weekly
Date:Oct 7, 1992
Words:192
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