(Corrects ticker symbol, name to HNA Group from HNA Holding
Group Co Ltd in first paragraph)
NEW YORK, March 21 China's HNA Group
has agreed to purchase a marquee Manhattan office building for
$2.21 billion in a deal that showcases the role of Chinese
capital in New York's heady commercial real estate market.
The deal for 245 Park Avenue has not closed but HNA, a
Chinese conglomerate that has been on an acquisition spree,
signed a purchase and sale agreement, a source familiar with the
transaction said on Tuesday.
The acquisition from majority owner Brookfield Property
Partners LP and New York State Teachers' Retirement
System, which has a 49-percent stake, would mark one of the
highest prices ever paid for a New York office building.
A prior Brookfield entity acquired the 45-floor building in
1996 from the bankruptcy of Olympia & York. NYSTRS acquired its
stake in 2003.
China accounted for 30 percent of some $15.4 billion in
cross-border investment in U.S. real estate last year, with
almost half placed in New York, according to Cushman &
The transaction was first reported by The Real Deal.
(Reporting by Herbert Lash; Editing by Sandra Maler)