SOHO China, the largest real estate developer in Beijing, has agreed to invest between $500 million and $700 million with Vornado Realty Trust in an attempt to jumpstart the construction of a long-planned office tower over the Port Authority Bus Terminal on Eighth Avenue at 42nd Street, sources close to the deal said, according to an article today at Theresa Agovino at crainsnewyork.com.

Crain's had previously reported the deal but couldn't learn the name of the investor at the time.

"Negotiations over building the tower are at a critical juncture. A deal that gives a partnership between Vornado and Lawrence Ruben Co. the rights to build over the bus terminal expires next month. Negotiations are continuing between the partnership and the Port Authority of New York & New Jersey, the site's owner," the article said.

The article noted that "sources said that even with the cash infusion from the Chinese firm, the project may require some financial help from the Port to move forward," adding that "officials at the Port are debating whether it should help finance the project and what sort of financial arrangement might make the most sense."

Vornado and Lawrence Ruben Co. were selected in 2000 to develop a 1.3 million-square-foot tower above the terminal, on Eighth Avenue between West 40th and West 42nd streets. "The deal has been called off at least once and postponed at least once because of economic conditions. The deal was granted an extension last year, and it is unclear if the Port would be willing to offer another," the article added.

"The possible tower appears to mark SOHO China's first foray into the United States. Founded 16 years ago, SOHO China is the largest real estate developer in Beijing and also operates in Shanghai, according to the company's website. It went public on the Hong Kong Stock Exchange in 2007, raising $1.9 billion," the article said.

In November, 2008, the Port Authority of New York and New Jersey released a new rendering of the plan by Rogers Stirk Harbour + Partners for an office tower above the north wing of the Port Authority Bus Terminal at 42nd Street and Eighth Avenue.

Rogers Stirk Harbour + Partners is headed by Richard Rogers who designed the famous high-tech Centre Pompidou, or Beaubourg, in Paris with Renzo Piano, the gleaming Lloyd's of London tower in London, and the Ching Fu Group headquarters in Taiwan.

He had been designated to design a new eastern facade for the Jacob K. Javits Convention Center on the West Side of Manhattan and his other projects include Las Areas, the conversion of a bull ring in Barcelona to a circular leisure and entertainment complex and the 175 Greenwich Street skyscraper at Ground Zero in Lower Manhattan.

The new rendering is similar to one that had been previously published except that its exosekeleton of angled braces is much less pronounced, and the main setback office tower will be in three rather than four sections and there appears to be only one rather than 2 two-stage escalators that cascade from the existing room of the terminal to 42nd Street.

In addition, the existing room now appears to be covered with grass and the cross-bracing of the base appears to have changed from dark green to blue.

The tower will be just to the east of the "Green Giant," Raymond Hood's famous Art Deco skyscraper for the McGraw-Hill Company before it relocated to the Avenue of the Americas.