Fosun International Ltd, the largest private-owned conglomerate on the Chinese mainland, has purchased a Grade A office building for $725 million in Manhattan, the company announced on Friday.

Fosun's wholly-owned subsidiary, Summit Glory Holdings Ltd, has signed a sale and purchase agreement with JP Morgan Chase Bank, National Association to buy the One Chase Manhattan Plaza located at 16-48 Liberty Street.

The plaza is a 60-storey, 2.2 million square foot office building with 5 lower levels on a 2.5-acre plaza, which used to be the global headquarters of Chase Manhattan Bank.