HNA in $2.21 billion deal to buy NYC office tower

NEW YORK - Chinese conglomerate HNA Group Co is leading a deal to acquire Manhattan's 245 Park Avenue for $2.21 billion, one of the highest prices ever paid for a New York skyscraper, two people with knowledge of the negotiations said.

HNA may be involved with at least one partner on the purchase, said the people, who asked not to be named. The 158,000-square-meter office tower, with tenants including JPMorgan Chase & Co, is being sold by Brookfield Property Partners LP and its 49 percent partner in the property - the New York State Teachers' Retirement System.

The deal, should it be completed, would bring Chinese ownership to the heart of midtown Manhattan's financial core: the towers located just north of Grand Central Terminal along Park Avenue. JPMorgan's principal executive office is at 270 Park, diagonally across East 47th Street from 245 Park.

Clement Wei, a spokesman for HNA, did not reply to an email.

HNA has made a string of acquisitions lately, totaling more than $30 billion since last year, according to data compiled by Bloomberg. Its targets have included hotel operator Hilton Worldwide Holdings Inc, technology firm Ingram Micro Inc, asset manager SkyBridge Capital and earlier this month the company that runs Caijing magazine's website.

Bloomberg