$300M for HNA’s Office Tower at 1180 Avenue of the Americas

Northwood Investors, a firm led by John Kukral, paid at least $300 million for 1180 Avenue of the Americas, a 398,892-square-foot office tower in Midtown Manhattan.

The seller, HNA Group, is a Chinese conglomerate struggling under a heavy burden of debt. It has been selling off it $4-billion portfolio of commercial properties in cities like New York, Chicago, San Francisco and Minneapolis, according to the Independent. Minority owners MHP Real Estate Services reportedly sold their 10% stake in the Midtown tower to HNA in advance of the sale.

Built in 1963, the tower is currently 100% occupied. Scripps is the anchor tenant, with about 126,000 square feet leased through November 2021.

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