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Chinese Investor May Unload Midtown Office Stake

1180 6th Ave. The 398,208-square-foot property at 1180 6th Ave., in Midtown, is 100% occupied.

NEW YORK CITY—HNA Property Holdings, a real estate investment and management subsidiary of HNA Property Group—a Chinese conglomerate—is reportedly planning to sell its interest in 1180 Ave. of the Americas.

The 90% stake was purchased by HNA for $259 million in 2011, according to The Real Deal, and the firm’s partner at the building is Murray Hill Properties. The seller at that time was the Carlyle Group, which was delinquent on $277.5 million in loans then attached to the building.

Eastdil Secured has been named to lead the marketing of 1180 Ave. of the Americas, the Real Deal reports. Parties to the deal could not be reached by GlobeSt.com at press time. It was unknown how a sale by HNA might impact Murray Hill’s ownership in the property.

The Class A office building, built in 1963, spans 398,208 square feet and features street level retail. The property is currently 100% occupied. Scripps is the anchor tenant occupying approximately 126,000 square feet through November 2021. 

Due to the strength of the city’s real estate market, the value of 1180 reportedly is expected to continue increasing. CBRE’s Midtown office report states that the area has achieved average asking rents of over $80.00 per square foot. This represents a 60% increase in average rents since 2009.

 

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