SL Green invests in 245 Park Avenue in New York City

SL Green invests in 245 Park Avenue in New York City

Published at: 2018-12-03 16:28 | Author: CIJ USA
SL Green Realty Corporation will take over leasing and operations at 245 Park Avenue in New York City. The arrangement is part of the $148.2m preferred equity investment the city’s biggest landlord made in the the 44-story 1.78 million sq ft tower. China’s HNA Group Company bought the property last year for $2.21bn. HNA is now trying to find a buyer for the building in an effort to reduce debt, according to Bloomberg. The property is currently 91 percent leased to companies like Société Générale, Angelo Gordon, Rabobank and Ares Capital.

“SL Green has an unparalleled track record in managing top commercial assets throughout New York City, with a particular emphasis on East Midtown, attracting world-renowned firms and offering best-in-class building management. We are thrilled to partner with them at 245 Park Avenue, which stands at the center of Manhattan’s most prominent office corridor,” said Daniel Chen, chairman and CEO of HNA Group North America LLC, a wholly owned subsidiary of HNA Group.

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