NEW YORK CITY—HNA Property Holdings, a real estate investment and management subsidiary of HNA Property Group—a Chinese conglomerate—is reportedly planning to sell its interest in 1180 Ave. of the Americas.
The 90% stake was purchased by HNA for $259 million in 2011, according to The Real Deal, and the firm's partner at the building is Murray Hill Properties. The seller at that time was the Carlyle Group, which was delinquent on $277.5 million in loans then attached to the building.
Eastdil Secured has been named to lead the marketing of 1180 Ave. of the Americas, the Real Deal reports. Parties to the deal could not be reached by GlobeSt.com at press time. It was unknown how a sale by HNA might impact Murray Hill's ownership in the property.
The Class A office building, built in 1963, spans 398,208 square feet and features street level retail. The property is currently 100% occupied. Scripps is the anchor tenant occupying approximately 126,000 square feet through November 2021.
Due to the strength of the city's real estate market, the value of 1180 reportedly is expected to continue increasing. CBRE's Midtown office report states that the area has achieved average asking rents of over $80.00 per square foot. This represents a 60% increase in average rents since 2009.
The 90% stake was purchased by HNA for $259 million in 2011, according to The Real Deal, and the firm's partner at the building is Murray Hill Properties. The seller at that time was the Carlyle Group, which was delinquent on $277.5 million in loans then attached to the building.
Eastdil Secured has been named to lead the marketing of 1180 Ave. of the Americas, the Real Deal reports. Parties to the deal could not be reached by GlobeSt.com at press time. It was unknown how a sale by HNA might impact Murray Hill's ownership in the property.
The Class A office building, built in 1963, spans 398,208 square feet and features street level retail. The property is currently 100% occupied. Scripps is the anchor tenant occupying approximately 126,000 square feet through November 2021.
Due to the strength of the city's real estate market, the value of 1180 reportedly is expected to continue increasing. CBRE's Midtown office report states that the area has achieved average asking rents of over $80.00 per square foot. This represents a 60% increase in average rents since 2009.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
