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.
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 GlobeSt.com 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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