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.
Sign up for China Watch for weekly emails on Chinese real estate investments.
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.