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.
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).