HNA buying Manhattan tower for .2 bln

Updated 2017-03-22 09:31:17 Global Times

China's aviation and shipping giant HNA Group is reportedly purchasing Manhattan's 245 Park Ave for .21 billion, which should bring the company the ownership of Manhattan's financial core once completed.

The deal may involve at least one partner with HNA, Bloomberg reported Tuesday, citing people familiar with the matter.

The office tower is being sold by Brookfield Property Partners LP and the New York State Teachers' Retirement System, according to Bloomberg.

The tenants include JPMorgan Chase & Co. Three blocks to the north is the Waldorf Astoria, a hotel that Beijing-based Anbang Insurance Group bought for .95 billion in 2015.

HNA has embarked on purchasing real estate assets overseas in recent years. The conglomerate has made acquisitions worth more than billion since 2016, Bloomberg data showed.

For example, it paid .5 billion to buy a 25 percent stake in Hilton Worldwide Holdings Inc from its biggest shareholder Blackstone Group LP in October 2016, Reuters reported.

HNA Tourism Group, a subsidiary of HNA Group, agreed in April to buy 100 percent of U.S.-based Carlson Hotels Inc, which gave the group brands including Radisson, Park Plaza, Country Inns & Suites and 1,400 hotels in 115 countries, said Reuters.

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