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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. 

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SL Green

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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