HNA in talks to sell 245 Park to SL Green

Company is also considering a debt recapitalization of the building

New York /
Apr.April 27, 2018 05:00 PM

245 Park Avenue and Marc Holliday (Credit: Google Maps)

HNA Group may not own 245 Park Avenue for much longer.

The Chinese conglomerate is in talks to sell the tower it purchased last year for $2.2 billion to SL Green Realty, according to Bloomberg. HNA is also looking into a debt recapitalization of the building.

HNA is currently facing a huge debt burden and pressure from the Chinese government to slow down its international spending. It has already sold holdings worth $13 billion this year, including its $6.5 billion stake in Hilton Worldwide Holdings. The firm is also looking to sell 850 Third Avenue in Midtown and 123 Mission Street in San Francisco.

Northwood, which paid $305 million for HNA’s 1180 Sixth Avenue in February , is also said to be looking at 245 Park and other properties.

HNA financed its purchase of 245 Park Avenue with roughly $1.8 billion in debt. The tower has several high-profile tenants, including JPMorgan Chase and Major League Baseball. [Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...