Beijing-based Sino-Ocean Capital, an investment management firm, has closed on the purchase of H88 Yuehong Plaza, an office building in Shanghai’s Xuhui district.

Originally developed by Hong Kong-based fund manager CLSA in 2015, the 19-storey office building at 88 Hongcao Road in Xuhui district features a set of 200 parking spaces.

Sino-Ocean, a subsidiary of real estate developer Sino-Ocean Group, bought the 60,000 square meter property from Hong Kong-based financial services company China Everbright.

The firm acquired the commercial asset in the Caohejing High Tech Park for 2 billion Chinese yuan ($286 million) or $4,762.93 per square meter.