Chinese commercial-property developer Soho China Ltd. made its first acquisition outside its home base of Beijing, paying about $360m to a Morgan Stanley real-estate fund for a 52-story office and retail tower on the edge of one of Shanghai's main business districts.

Hong Kong-listed Soho said it would lease the office space in the building or sell it in pieces, starting in September. Soho also will manage the building, which it is rebranding as The Exchange – Soho.

Wall Street Journal