HNA Group may not own 245 Park Avenue for much longer.
The Chinese conglomerate is in talks to sell the tower it purchased last year for $2.2 billion to SL Green Realty, according to Bloomberg. HNA is also looking into a debt recapitalization of the building.
HNA is currently facing a huge debt burden and pressure from the Chinese government to slow down its international spending. It has already sold holdings worth $13 billion this year, including its $6.5 billion stake in Hilton Worldwide Holdings. The firm is also looking to sell 850 Third Avenue in Midtown and 123 Mission Street in San Francisco.
Northwood, which paid $305 million for HNA’s 1180 Sixth Avenue in February , is also said to be looking at 245 Park and other properties.
HNA financed its purchase of 245 Park Avenue with roughly $1.8 billion in debt. The tower has several high-profile tenants, including JPMorgan Chase and Major League Baseball. [Bloomberg] – Eddie Small