245 Park Avenue is a 648-foot (198 m) skyscraper in Midtown Manhattan, New York City. Designed by Shreve, Lamb and Harmon, it was completed in 1967 and contains 1.7 million square feet (160,000 m2) on 48 floors. The Building Owners and Managers Association awarded the 2000/2001 Pinnacle Award to 245 Park Avenue.[3] The building is assigned its own ZIP Code, 10167; it was one of 41 buildings in Manhattan that had their own ZIP Codes as of 2019[update].[4]
| 245 Park Avenue | |
|---|---|
 | |
 | |
| General information | |
| Status | Completed |
| Type | Office |
| Coordinates | 40°45′18″N 73°58′30″W / 40.754885°N 73.974871°W |
| Completed | 1967 |
| Owner | SL Green Realty[2] and Mori Trust |
| Height | |
| Roof | 648 ft (198 m) |
| Technical details | |
| Floor count | 48 |
| Floor area | 1,719,000 sq ft (159,700 m2)[1] |
| Design and construction | |
| Architect(s) | Shreve, Lamb and Harmon |
| Developer | Uris Buildings Corporation |
History
editThe 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.[5] The building was previously named for American Tobacco Company, American Brands, and Bear Stearns at various points in its history.
In 1987, Bear Stearns signed a lease for more than 500,000 square feet (46,000 m2) of space as its new headquarters and moved 3,000 of the company's employees into the building.[6]
In November 2000, JPMorgan Chase leased 580,000 square feet (54,000 m2) in the building, creating a corporate campus with the company's nearby headquarters at 270 Park Avenue.[7]
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.[8] 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 in addition to $568 million of mezzanine financing.[9] CBRE Group and Cooper-Horowitz made the deal for the loan, acting as commercial mortgage brokers.[10]
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.[11] SL Green took over the entire property in late 2022 after HNA went bankrupt.[12][13] The next year, Japanese developer Mori Trust agreed to buy a 49.9% interest in the building from SL Green.[14][15] By mid-2024, the owners were renovating the building and adding a golf lounge, restaurant, wellness center, and communal rooftop space.[16] At the time, the building's mortgage was classified as a "loan of concern" because two large tenants were moving out.[17]
Tenants
edit- Ares Management, 98,095 square feet (9,113.3 m2) on floors 42-44
- HNA Group, 38,383 square feet (3,565.9 m2) on floor 40
- Houlihan Lokey, 115,396 square feet (10,720.6 m2) on floors 17, 19-20 & 32
- IWG, 38,382 square feet (3,565.8 m2) on floor 39
- JLL, 15,939 square feet (1,480.8 m2) on floor 16
- JPMorgan Chase, 90,708 square feet (8,427.0 m2) on floors 2 & 16
- National Australia Bank, 37,385 square feet (3,473.2 m2) on floor 28
- Norinchukin Bank, 36,346 square feet (3,376.7 m2) on floor 21
- Pioneer Financial, 14,252 square feet (1,324.1 m2) on floor 17
- Rabobank, 115,157 square feet (10,698.4 m2) on floors 36-38
- SEB, 20,695 square feet (1,922.6 m2) on floor 33
- Societe Generale, 593,344 square feet (55,123.5 m2) on floors 3-14
- MIO Partners on floor 13
- TPG Angelo Gordon, 113,405 square feet (10,535.7 m2) on floors 24-26
- Vestar Capital Partners, 22,502 square feet (2,090.5 m2) on floor 41
- WisdomTree Investments, 37,923 square feet (3,523.2 m2) on floor 35
- Woori Bank, 14,320 square feet (1,330 m2) on floor 43
See also
editReferences
edit- ^ "245 Park Avenue". Brookfield Office Properties. Retrieved March 16, 2015.
- ^ "SL Green takes over 245 Park Avenue". The Real Deal. September 12, 2022.
- ^ "245 Park Avenue". Emporis.com. Archived from the original on October 21, 2012. Retrieved July 22, 2012.
{{cite web}}: CS1 maint: unfit URL (link) - ^ Brown, Nicole (March 18, 2019). "Why do some buildings have their own ZIP codes? NYCurious". amNewYork. Retrieved July 8, 2022.
- ^ Dunlap, David W. (December 18, 2012). "When Trade Shows Were Both Central and Grand". The New York Times. Retrieved June 26, 2013.
- ^ "New Headquarters for Bear Sterns". The New York Times. March 10, 1987.
- ^ Bagli, Charles V. (November 30, 2000). "Firms in Bidding War for Midtown Space". The New York Times.
- ^ Levitt, David M. (March 20, 2017). "China's HNA Is Buying a NYC Office Tower for $2.21 Billion". Bloomberg.com. Retrieved March 21, 2017.
- ^ "HNA scores $1.75B loan for 245 Park buy". The Real Deal. April 12, 2017.
- ^ Putzier, Konrad (May 1, 2018). "Sizing up NYC's debt brokerage powerhouses". The Real Deal. Retrieved October 6, 2021.
- ^ "SL Green invests $148M for stake in HNA's 245 Park Avenue". The Real Deal. November 30, 2018.
- ^ Baird-Remba, Rebecca (September 12, 2022). "SL Green Takes Over 245 Park Avenue". Commercial Observer. Retrieved July 17, 2024.
- ^ Walter-Warner, Holden (September 12, 2022). "SL Green takes over 245 Park Avenue". The Real Deal. Retrieved July 17, 2024.
- ^ "Japan's Mori Trust plans $8bn diversification after Park Avenue buy". Nikkei Asia. Retrieved June 9, 2024.
- ^ Bockmann, Rich (June 26, 2023). "SL Green sells off 245 Park stake in breakthrough for office market". The Real Deal. Retrieved July 17, 2024.
- ^ Hallum, Mark (July 8, 2024). "Tradeweb Markets Moving to 76K SF at 245 Park Avenue". Commercial Observer. Retrieved July 17, 2024.
- ^ Elstein, Aaron (May 9, 2024). "Mortgage on SL Green's 245 Park Ave. deemed a 'loan of concern'". Crain's New York Business. Retrieved July 17, 2024.
- ^ "UBS 2017-C3 Structural & Collateral Term Sheet". SEC. August 7, 2017. Retrieved August 4, 2019.