Owner of 245 Park in NYC, 181 W. Madison in Chicago Files for Chapter 11
PWM Property Management, an HNA Group venture that owns 245 Park Ave. in Midtown Manhattan and 181 W. Madison St. in Chicago, said Monday it had filed for voluntary Chapter 11 protection at U.S. Bankruptcy Court in Delaware. As part of its restructuring, PWM will seek to transition management of 245 Park to MB Real Estate (MBRE), which manages the Chicago property.
PWM said it faces $2.19 billion in liabilities while 245 Park and 181 W. Madison are valued at a combined $2.53 billion, Bloomberg News reported, citing court papers.
Moving management of 245 Park over to MBRE would position both the Manhattan and Chicago office properties “to enhance competition with their peer group by better aligning the property manager’s incentives with those of the company and its stakeholders.”
Currently, 245 Park is managed by SL Green Realty Corp., which PWM said in court documents was “conflicted” in this role.
- ◦Financing