Anbang Insurance Group Co Ltd has bought an office building in New York City, reportedly for between $400 million and $500 million, in one of Manhattan's most desirable areas, according to real estate executives.

The tower is at 717 Fifth Avenue on East 56th Street, known as the Plaza District because of the nearby Plaza Hotel. Anbang's deal is for 22 floors of the 26-story building above retail space along Fifth Avenue, which is separately owned and used by luxury fashion brands Dolce & Gabbana and Armani.

Anbang acquired the property from New York-based Blackstone Group LP, a private-equity firm, Crain's New York Business reported last week. The price was not disclosed, but Bloomberg News reported it could approach $400 million to $500 million.