Citi splurges $5.43b on One Bay East - East Tower

Beating a previous largest en-bloc office transaction record.

According to Barclays, Wheelock Properties sold the East Tower of One Bay East to global financial Citi for HK$5.425bn.

The report noted that the sale of the building has surpassed the previous record-holder for the largest en-bloc office transaction, which was Agricultural Bank's purchase of 50 Connaught Road Central for HK $4.88bn.

Here's more from the Hong Kong Property Weekly:

One Bay East is located at the waterfront in Kwun Tong with a view of Victoria Harbour. The development consists of two Grade-A office buildings, offering 1,025,000sf GFA with 512,000sf GFA for each building.

The HK$5,425mn transactions price implies an average selling price of HK$10,596psf, which is 21% higher than the HK$8,789psf and HK$4.5bn that insurer Manulife paid for the West Wing back in April 2013.