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SL Green Acquires 245 Park Ave. Out of Bankruptcy

SL Green Realty Corp. said Monday it had acquired 245 Park Ave., a 1.8-million-square-foot office tower in East Midtown. The REIT didn’t disclose the purchase price for the 44-story tower, which it acquired out of bankruptcy. However, it said the property is subject to “the in-place mortgage and mezzanine loans totaling $1.768 billion” on the original terms. 

The property’s new ownership plans to reposition 245 Park, enlisting Kohn Pedersen Fox Associates to assist in the redesign. Simultaneously, SL Green is pursuing collection of a $185-million arbitration award against former owner HNA Group. 

“SL Green worked tirelessly to successfully steer this asset through HNA’s bankruptcy process, demonstrating why they are so well respected in the institutional capital markets,” said Scott Weiner, head of global commercial real estate debt at Apollo, one of the property’s lenders. 

Separately, SL Green said it had sold a 414,317-square-foot commercial condominium at 885 Third Ave., a/k/a the Lipstick Building, to Memorial Sloan Kettering Cancer Center for approximately $300 million.  

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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 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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