SL Green to buy controlling stake in 245 Park from HNA Group

The size and price of the stake was not disclosed

TRD New York TRD WEEKEND EDITION /
Jun.June 24, 2018 10:19 AM

SL Green Realty CEO Marc Holliday, 245 Park Avenue and HNA Group North America president Daniel Chen. (Credit: Google Maps, HNA)

After months of talks, SL Green Realty is officially buying a stake in HNA Group’s office building 245 Park Avenue.

The size of SL Green’s stake and the price paid is unknown as of now, however a person knowledgeable of the deal told the Wall Street Journal that SL Green had operating control of the property as well as a preferred position in its joint venture.

The Chinese conglomerate originally bought the building for $2.2 billion last year with $1.8 billion of debt. Months ago, HNA was reportedly looking into debt recapitalization of the building.

Eastdil Secured’s Evan Layne, Mark Chu and David Lazarus are representing HNA in the deal.

HNA has been under pressure from Chinese government to sell its U.S. assets and has unloaded several properties over the first half of 2018 including 123 Mission Street in San Francisco and 1180 Sixth Avenue in New York–both of which were sold to Northwood Investors. In April, Northwood was also said to be interested in buying 245 Park. [WSJ] — Erin Hudson


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
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
arrow_forward_ios

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

Loading...