Chinese investor to buy NYC office for $2.2b
China-based HNA Group and an unnamed partner have agreed to purchase 245 Park Ave. in Manhattan. An official statement has not ben released, and the deal has not closed.
The sellers of the 1.8 million-square-office tower are Brookfield Property Partners and the $107.5 billion New York State Teachers’ Retirement System, which has a 49 percent stake in the asset.
China accounted for 30 percent of the $15.4 billion in cross-border investment in U.S. real estate in 2016, with almost half placed in New York City, according to Cushman & Wakefield.
Last year, HNA Group acquired a percent stake in Hilton Worldwide Holdings from The Blackstone Group. The foreign investor also acquired a majority stake and equity ownership of 850 Third Ave., a 21-story midtown Manhattan building; HNA partnered with MHP Real Estate Services to acquire the building from the previous owner Shorenstein Properties.
Another recent Chinese investor in the NYC market is