The Bank of China (BOC) is buying a 28-story office building at 7 Bryant Park in New York City for almost $600 million, reports The Wall Street Journal.

The Manhattan office building is currently under construction, and will have a total floor area of 43.700 sq m. It is being built by Houston-based property developer Hines and a company controlled by JP Morgan Chase & Co.

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The Journal reported that the BOC agreed to the purchase plan on December 5, but it isn't known what the BOC would use the building for.  The deal is expected to be completed after construction is completed next year.

Chinese companies are speeding up overseas expansion, tapping new markets or buying assets. Landmark buildings are increasingly becoming favored targets.

The move by the Bank of China is the latest high-profile real estate acquisition by a Chinese investor of a New York City property. In October, China's Anbang Insurance Group bought the landmark Waldorf Astoria hotel from Hilton Worldwide Holdings Inc. for $1.95 billion.

And last year, Chinese real-estate tycoon Zhang Xin led a group of investors paying $1.4 billion for a 40 percent ownership stake in the 50-story General Motors building in Manhattan.

However, major acquisitions of U.S. real estate by Chinese investors always draws a wary eye from U.S. regulators and legislators. It wasn't long after Anbang announced its acquisition of the Waldorf Astoria did U.S. regulators declare that they would have to review the sale to scrutinize any possible security risks.

U.S. officials said the purchase could have serious consequences in the relationship of the government with the hotel, which houses several important people, including the U.S.' envoy to the United Nations. U.S. ambassadors to the United Nations have been residing in the Waldorf Astoria for more than 50 years.

TagsBank of China to Acquire NYC Office Building for $600 Million, Bank of China, 7 Bryant Park, $600 million, Hines, JP Morgan Chase & Co.