Transactions - MARCH 23, 2017

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Chinese investor to buy NYC office for $2.2b

by Andrea Waitrovich

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy