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HNA, SL Green Reportedly Talk Deal for 245 Park
HNA Group is reportedly discussing a sale of 245 Park Ave. to SL Green Realty Corp., which is developing One Vanderbilt Ave. a few blocks south. The Chinese conglomerate closed on its $2.21-billion acquisition of the East Midtown office tower less than a year ago.
Along with an outright sale, another option under discussion is a recapitalization of the 45-story property. 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 sold $13 billion of its holdings this year. Among the holdings it divested was its $6.5-billion stake in Hilton Worldwide.
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- ◦Sale/Acquisition