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SL Green Acquires 245 Park Ave. Out of Bankruptcy
SL Green Realty Corp. said Monday it had acquired 245 Park Ave., a 1.8-million-square-foot office tower in East Midtown. The REIT didn’t disclose the purchase price for the 44-story tower, which it acquired out of bankruptcy. However, it said the property is subject to “the in-place mortgage and mezzanine loans totaling $1.768 billion” on the original terms.
The property’s new ownership plans to reposition 245 Park, enlisting Kohn Pedersen Fox Associates to assist in the redesign. Simultaneously, SL Green is pursuing collection of a $185-million arbitration award against former owner HNA Group.
“SL Green worked tirelessly to successfully steer this asset through HNA’s bankruptcy process, demonstrating why they are so well respected in the institutional capital markets,” said Scott Weiner, head of global commercial real estate debt at Apollo, one of the property’s lenders.
Separately, SL Green said it had sold a 414,317-square-foot commercial condominium at 885 Third Ave., a/k/a the Lipstick Building, to Memorial Sloan Kettering Cancer Center for approximately $300 million.
- ◦Sale/Acquisition
