Morgan Stanley buys Hang Seng Building

The $290 million investment adds Hang Seng BankÆs Central headquarters to Morgan StanleyÆs Hong Kong property portfolio.
May 14, 2006
Morgan StanleyÆs newest opportunisticvalue added real estate fund, MSREF V International, has signed contracts to buy Hang Seng BankÆs Hong Kong headquarters building, a 23-floor office building located at 77 Des Voeux Road in Central for $290 million.

The $4.2 billion fund has again joined forces with local partners Pamfleet, with whom it worked in the Vicwood Plaza deal in CentralSheung Wan. It sold that building for an estimated $300 million to Macquarie, nearly tripling its $108 million purchase price.

The 44-year old Hang Seng building has 260,000 square feet of space, of which approximately 40% is used by various departments of Hang Seng Bank. Hang Seng Bank says its operations will stay...
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