Northwood Investors Acquires NYC Office Tower from Chinese Conglomerate for $305M
NEW YORK CITY — Northwood Investors has acquired the 1180 Avenue of the Americas building in Midtown Manhattan from Chinese conglomerate HNA Group for $305 million.
The 23-story, 386,921-square-foot office tower was built in 1963, and offers 13,679 square feet of ground-floor retail occupied by tenants including Chick-fil-A and T-Mobile.
The fully occupied office component of the property is home to anchor tenant Scripps Networks, which occupies 126,000 square feet at the building. The company’s lease is through November 2021.
Jordan Roeschlaub and Dustin Stolly of NKF Capital Markets secured $237 million in financing for the acquisition of the property. The lender was RBC Royal Bank.
Founded in 2006, Northwood Investors is a privately held real estate investment advisor. The company invests alongside institutional and private clients in a broad range of real estate globally, with approximately $7 billion worth of assets under management as of Jan. 1, 2018.
Haikou, China-based HNA Group is a conglomerate involved in a number of industries, including real estate, tourism, finance and logistics. The company has approximately $145 billion worth of assets, over $90 billion in annual revenues and an international workforce of 410,000 employees globally.
HNA has undergone financial struggles in recent months. Following a $50 billion buying spree, the company has had trouble making loan payments and is facing a wall of bond maturities later this year, according to reports by Reuters and Bloomberg.
— Katie Sloan