Chinese developer SOHO China Ltd. has agreed to buy a multistory office and retail complex in Shanghai, The Exchange, from Morgan Stanley's real estate fund for about $358.5 million.
The Exchange is located in the center of Shanghai's business district. Construction on the building was finished in June of last year.
About 30 percent of the building's space is currently rented.
Founded in 1995, SOHO China is one of China's most successful developers. The acquisition is its first in Shanghai, stretching from its previous focus on properties in Beijing.
A spokeswoman for Morgan Stanley had no further comment. A representative at SOHO China did not immediately respond.
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