HNA sells San Fran office tower to Northwood Investors for $300M

Deal is latest in Chinese conglomerate’s selling spree

TRD WEEKEND EDITION /
May.May 26, 2018 03:27 PM

From left 123 Mission Street, San Francisco; HNA Group North America president Daniel Chen. (Credit: Minesweeper/Wikimedia Commons; courtesy HNA Group North America)

The latest property to change hands in HNA Group’s fire sale of its global assets is a San Francisco office tower at 123 Mission Street.

The building, which was the Chinese conglomerate’s first property on the West Coast, was sold to Northwood Investors for about $300 million, according to a source familiar with the deal.

Located in San Francisco’s SoMa neighborhood, HNA bought the property in August 2016 for $255 million.

The deal with Northwood comes after reports from Bloomberg that the company was in talks with Gaw Capital Partners over the property.

In February, Northwood, an investment fund led by John Kukral, bought a Midtown office building at 1180 Sixth Avenue from HNA subsidiary HNA Group North America, and its partner MHP Real Estate Services for $305 million, as The Real Deal reported. In April, the fund was said to be looking at HNA’s 245 Park Avenue property. Northwood did not immediately respond to requests for comment.

According to Bloomberg, HNA has sold $6.7 billion worth of properties and stocks in the first months of the year; the conglomerate has told its creditors it will sell off $16 billion worth of its global assets in the first half of 2018 to alleviate its debt troubles.


Related Articles

arrow_forward_ios
(Credit: SimsWiki, Unsplash)

Welcome to affordable San Francisco! Here is your $1,000-a-month basement “sleeping pod”

Chinese developer Oceanwide takes $276M loss on megaproject; CEO is out

Chinese developer Oceanwide takes $276M loss on megaproject; CEO is out

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

111-115 West 141st Street and 148 West 141st Street (Credit: Google Maps)

Brooklyn multifamily building sale tops this week’s list of mid-market deals

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

arrow_forward_ios
Loading...