Alibaba (NYSE:BABA) is in advanced talks to buy a significant portion of ‘One Causeway Bay’, a prestigious office tower in Causeway Bay, Hong Kong, for approximately $900 million, The Standard reported, citing a local newspaper.
The property comprises 13 floors within a 29-floor office and covers around 270,000 square feet of space across these floors in the retail tower built by the Mandarin Oriental Hotel Group.
Mandarin Oriental International confirmed it is in discussions regarding the potential sale of a number of office floors within One Causeway Bay, the report added.
The Chinese tech giant (NYSE:BABA) already leases 10 floors in Times Square, a nearby major office tower, with the lease ending in 2028.