Bank of China’s (601988.SH, 3988.HK) New York branch will lend more than US$250 million to refinance an office building near Columbus Circle in Manhattan, the Wall Street Journal reported, citing people familiar with the matter. The bank underwrote the five-year loan based on an estimated value of more than US$500 million for the 700,000-square-foot property, according to the sources. The deal involves some risk for Bank of China since less than 30% of the property has been leased; however, the entity that owns the 26-story building, a joint venture between SL Green Realty Corp and developer Joseph Moinian, is expected to make certain guarantees to help offset the risk. Bank of China lent US$800 million to Brookfield Office Properties last year to refinance an office building near Grand Central Terminal – the biggest loan provided on a single building by a single lender during the economic downturn.