Ownership represented a national security risk
The U.S. Government has ordered HNA Group to sell its majority stake in 850 Third Avenue, according to the WSJ.
Sound Smart: The Committee on Foreign Investment in the U.S. (CFIUS), which reviews whether foreign investments represent national-security risks, informed the Chinese conglomerate that it must sell.
Flashback: Two months ago, HNA and its partners (MHP and ATCO) secured $342 million to refinance the 617,000 SF office tower. The partnership paid $436 million for the property in 2016.