SL Green invests $148M for stake in HNA’s 245 Park Avenue

Company will officially serve as property manager at the tower

Nov.November 30, 2018 09:00 AM

245 Park Avenue and Marc Holliday (Credit: Wikipedia and SL Green)

SL Green Realty has finalized a deal with HNA Group to buy a stake in 245 Park Avenue, investing a total of $148.2 million.

The real estate investment trust announced on Friday that as part of the deal, the company will serve as the office tower’s property manager and will oversee leasing, the New York Post reported. HNA Group was represented by Eastdil Secured in the transaction.

HNA bought the 1.78-million-square-foot building in 2017, paying $2.2 billion with $1.8 billion in debt. In June, the Wall Street Journal reported that SL Green planned to buy a stake in the building, which would give it operating control of the property as well as a preferred position in the joint venture with HNA. At the time, no details of the deal were available.

Meanwhile, the struggling Chinese conglomerate has committed to selling off $22 billion in stocks and real estate assets. Earlier this year, HNA sold off a stake in Deutsche Bank and listed a stake in Hilton spinoff Park Hotels & resorts. In September, HNA gave up 80,000 square feet of prime Hong Kong office space that it never moved into but rented for $1.5 million a month.

Earlier this month, the company offered to pay off certain investors with plane tickets instead of cash. [NYP] — Kathryn Brenzel

Related Articles

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 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

315 West 33rd Street, SL Green's Marc Holliday and Brookfield's Ric Clark (Credit: SL Green, Getty Images)

Brookfield fund buying SL Green’s 315 West 33rd Street for $447M

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

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