The deal for the closely-held company, which was founded in Sydney, Australia, in 2012, values it at roughly $450 million.
TPG is allowing investors in its second social impact fund to withdraw their commitments. The vehicle is still aiming to close this year with $3 billion.
Alternative asset managers are under pressure to broaden their offerings as institutional investors seek to make big allocations to fewer firms.
The sale was made possible in November, after fugitive Malaysian financier Jho Low agreed to drop his claims to the property in a U.S. forfeiture lawsuit.
Bisnow reported earlier that real estate developer Jacob Chetrit and his sons bought the tower in a $422-million deal that resulted in a loss for HNA.
GIP focuses on projects in the energy, transport, water and waste industries and invests in developed and select emerging countries.
P.F. Chang’s has about 220 restaurants in the U.S. and dozens more in Mexico, South Korea, the United Arab Emirates and elsewhere.
EQT Partners and an arm of Macquarie Group Ltd. are also said to be studying a deal for the asset.
The suitors have offered $350 million to take over the business and are seeking a 90 per cent stake.
The proposed bid, which is also backed by investment firm Trinity White City Ventures, includes a mix of equity and debt.