245 Park Avenue

245 Park Avenue is a 648-ft (198 m) tall skyscraper in New York City, New York. It was completed in 1967, and contains 1.7 million square feet spread across 48 floors. Shreve, Lamb and Harmon designed the structure, which is the 94th tallest building in New York. The Building Owners and Managers Association awarded the 2000/2001 Pinnacle Award to 245 Park Avenue.

History

The site used to be occupied by the second Grand Central Palace exhibition hall, which was demolished in 1964 to make way for 245 Park Avenue. The building was previously named for American Tobacco Company, American Brands, and Bear Stearns at various points in its history.

On March 20, 2017, Chinese conglomerate HNA Group announced a deal to acquire the building for $2.21 billion from Brookfield Property Partners and the New York State Teachers’ Retirement System, one of the highest prices ever paid for a New York skyscraper. HNA financed the acquisition with a $1.75 billion loan from a consortium of lenders including J.P. Morgan Chase, Deutsche Bank, Barclays, Natixis and Societe Generale.

Following financial difficulties at HNA in 2018, the conglomerate committed to selling off $22 billion in stocks and real estate assets. Part of this commitment included the sale of a $148 million stake in 245 Park Avenue to office REIT SL Green, which was also appointed as property manager and leasing manager.

Text imported from Wikipedia article "245 Park Avenue" and modified on July 23, 2019 according to the CC-BY-SA 4.0 International license.