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SL Green Reportedly Taking Control of 245 Park
SL Green Realty Corp. has reportedly agreed to acquire a controlling stake in 245 Park Ave., a trophy office tower that China-based HNA Group acquired for $2.21 billion a little over a year ago. A spokesman for SL Green declined to comment on a Wall Street Journal report that a deal was imminent.
The WSJ reported that the price SL Green will pay and the size of the stake couldn’t be determined. However, sources say the REIT will have operating control of the property, and a preferred position in the joint venture.
The SL Green deal is expected to close in multiple stages, according to the WSJ. SL Green, which was among the losing bidders on 245 Park last year, has already provided a $110.5-million mezzanine loan on the property to HNA.
Under pressure from Chinese regulators, HNA has already sold $13 billion of its holdings this year.
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- ◦Sale/Acquisition
