Gale Well Group Sells Floor at The Center for $350M, Suffers Huge $340M Loss in 4 Years

Gale Well Group, led by CEO Jacinto Tong, has been offloading its high-end residential and commercial properties in recent months, with some being sold at significant losses.

According to the latest market news, Tong has sold the entire 26th floor of the The Center for approximately $350 million. The transaction price of around $14,000 per square foot represents a sharp 50% drop from the $27,720 per square foot price when it was purchased four years ago, resulting in a staggering $340 million loss on paper.

The office space spans approximately 24,980 square feet, with the transaction price of $350 million marking a dramatic decrease from the original purchase price of $693 million in July 2021.

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