HNA continues sales spree
SL Green has closed on the second phase of its preferred equity investment at HNA Group’s 245 Park Avenue, according to the NYPost. The deal raises its total stake at the 1.78 million SF office tower to $148.2 million.
Flashback: HNA paid $2.21 billion for the trophy asset in 2017. The 1960’s era Midtown office tower sits on the entire block between East 46th and 47th Streets. As part of the deal, SL Green will now oversee all leasing and operations at the building.
Backdrop: The embattled Chinese conglomerate was one of the most active foreign players, pumping in $45 billion in global investments in the last three years. In order to shed part of its $100 billion debt, the Chinese firm has agreed to sell more than $10 billion worth of real estate in Australia, New York, and Hong Kong this past year.