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

Deal is latest in Chinese conglomerate’s selling spree

New York 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
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
essensys CEO Jeremy Bernard (iStock)
Flex workspace tech firm essensys eyes US, APAC expansion
Flex workspace tech firm essensys eyes US, APAC expansion
27 Whitehall Street (Google Maps, iStock)
Fidi landlord accused of permitting massage parlor prostitution
Fidi landlord accused of permitting massage parlor prostitution
Isaac Kassirer and his properties at 1187-97 Anderson Ave., 1220 Shakespeare Ave., and 1210 and 1230 Woodycrest Ave. (Google Maps)
His portfolio decimated, Isaac Kassirer gets creative with rents
His portfolio decimated, Isaac Kassirer gets creative with rents
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
Cardboard demand could fuel an industrial real estate boom
Cardboard demand could fuel an industrial real estate boom
MSCI CEO Henry Fernandez and Real Capital Analytics founder Robert White (MSCI)
MSCI to acquire Real Capital Analytics for $950M
MSCI to acquire Real Capital Analytics for $950M
arrow_forward_ios

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

Loading...