Paul Hastings has advised state-owned China Life Insurance Group Co. on a $1.65 billion joint acquisition of a Manhattan office building whose tenants include Paul, Weiss, Rifkind, Wharton & Garrison.
The Chinese insurer joined a consortium led by New York developer Scott Rechler’s RXR Realty to buy 1285 Avenue of the Americas, a 39-story mixed-use tower with office and retail space. China Life’s stake in the joint venture was not disclosed but Paul Hastings said in a press release that the Chinese company was the single largest investor in the transaction.
