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SL Green Finalizes Stake in HNA’s 245 Park
SL Green Realty Corp. has finalized its preferred equity investment in HNA Group’s 245 Park Ave., which the Chinese conglomerate bought for $2.21 billion last year. Although the REIT reportedly discussed the possibility of acquiring the 1.78-million-square-foot office tower from HNA, it plans no further investment beyond the current $148.2 million.
With completion of its equity investment, SL Green has also taken over management of 245 Park. The tower is currently 91% leased.
Eastdil Secured’s Benjamin Lambert, Evan Layne and David Lazarus represented HNA.
Separately, SL Green obtained $225 million in construction financing from United Overseas Bank Limited for 185 Broadway, a ground-up property in Lower Manhattan that will include affordable rentals. Ackman-Ziff’s Marc Sznajderman, Romano Tio and Simon Ziff advised SL Green on the financing.
The REIT also acquired 66,186 zoning square feet from the owner of the adjacent corner lot at 189 Broadway. Terms were not disclosed.
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- ◦Sale/Acquisition
