China’s Largest Investment Bank Opens Its First U.S. Office at 350 Park Avenue
With China’s ever-expanding role in the global economy, Chinese investment banking is emerging as a force within the financial nucleus of New York.
China International Capital Corporation, China’s largest investment bank, will open its first U.S. office at 350 Park Avenue. The investment bank and research services provider inked a six-year lease for the entire 28th floor—roughly 8,100 square feet—with plans to move in this November. CICC’s expansion, says the company, is intended to facilitate the trading of Chinese equities on the U.S. market. The asking rent was $80 a square foot.
CICC, 34 percent of which is owned by Morgan Stanley, is run by the son of former Chinese Premier Zhu Rongji, Levin Zhu. In July, the investment bank managed China State
Construction Engineering Corporation’s initial public offering, which would turn out to be the world’s largest IPO this year, netting $7.3 billion.
Greg Kraut and David Hollander of CB Richard Ellis represented CICC. Landlord Vornado Realty Trust was repped by Ron LoRusso.