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NEW YORK CITY—A joint venture between Brookfield Property Partners and the New York State Teachers' Retirement System is under contract to sell 245 Park Ave. to HNA, a Chinese conglomerate, and an unidentified partner, according to The Real Deal.
The Midtown transaction reportedly is expected to close for $2.21 billion which would make the deal one of the most expensive acquisitions in history of a Manhattan skyscraper, and would send a clear sign of Chinese investors' interest—and importance—in the future of the city. The price works out to an astounding $1,227 per square foot.
CBRE's Darcy Stacom and William Shanahan reportedly represented the sellers. Spokespersons for CBRE and Brookfield declined to comment to GlobeSt.com. HNA could not be reached at press time.
Located between between East 46th and 47th streets, the 1.8 million-square-foot office tower was put on the market late last year. Sources tell Real Deal that RXR Realty, Blackstone Group, L&L Holding, SL Green Realty and Vornado Realty Trust also bid on the asset.
Just a select few of Manhattan skyscrapers in Manhattan have crossed the $2 billion mark, including 11 Madison Aver., 3 Bryant Park and the GM Building at 767 Fifth Ave.
HNA is best known here for its acquisition of an approximately 25% stake in Hilton Worldwide Holdings from Blackstone Group in 2016. It also partnered last year with Norman Sturner's MHP Real Estate Services on the $463 million acquisition of 850 Third Ave. Previously, it was a partner in MHP's acquisition of 1180 Sixth Ave. in 2011.
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The Midtown transaction reportedly is expected to close for $2.21 billion which would make the deal one of the most expensive acquisitions in history of a Manhattan skyscraper, and would send a clear sign of Chinese investors' interest—and importance—in the future of the city. The price works out to an astounding $1,227 per square foot.
CBRE's Darcy Stacom and William Shanahan reportedly represented the sellers. Spokespersons for CBRE and Brookfield declined to comment to GlobeSt.com. HNA could not be reached at press time.
Located between between East 46th and 47th streets, the 1.8 million-square-foot office tower was put on the market late last year. Sources tell Real Deal that RXR Realty, Blackstone Group, L&L Holding, SL Green Realty and
Just a select few of Manhattan skyscrapers in Manhattan have crossed the $2 billion mark, including 11 Madison Aver., 3 Bryant Park and the GM Building at 767 Fifth Ave.
HNA is best known here for its acquisition of an approximately 25% stake in Hilton Worldwide Holdings from Blackstone Group in 2016. It also partnered last year with Norman Sturner's MHP Real Estate Services on the $463 million acquisition of 850 Third Ave. Previously, it was a partner in MHP's acquisition of 1180 Sixth Ave. in 2011.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
