HNA to sell stake in Manhattan office tower
HNA Property Holdings is planning to sell its interest in 1180 Avenue of the Americas, an office tower in Manhattan.
HNA acquired the stake in the property, located in the Sixth Avenue Corridor of Midtown Manhattan, in 2001. The 398,208-square-foot property is a class A office building, built in 1963, with street-level retail. It is currently 100 percent occupied, and Scripps is the anchor tenant, occupying approximately 126,000 square feet through November 2021.
Due to New York City’s strong real estate market fundamentals, the value of 1180 Avenue of the Americas is anticipated to continue to increase. According to CBRE's Midtown Manhattan Office Report, Midtown’s overall vacancy rate as of February 2017 was 8.1 percent, with average asking rents of more than $80 per square foot. This represents a 60 percent increase in average rents since 2009.