Bankrupt HNA Ordered to Turn Over Chicago Tower to SL Green
The Chinese investment conglomerate that owns the 50-story office tower at 181 W. Madison St. in Chicago’s Loop must hand over the property to SL Green Realty Corp., New York’s largest office landlord, a federal judge ordered last week.
In a ruling meant to help resolve an unpaid $185-million judgment against HNA International as the China-based firm works through bankruptcy, Judge John Koeltl ordered HNA to turn over its interest in the Chicago property to a venture led by New York-based SL Green, Crain’s Chicago Business reported.
The 33-year-old Loop tower would be the only office property in Chicago owned by SL Green, a REIT best known for its Manhattan office buildings.
An HNA venture paid $355 million in 2017 for 181 W. Madison and put it up for sale slightly more than a year later, but the tower never traded. The venture instead refinanced the property in late 2019.
Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!
- ◦Sale/Acquisition
