SL Green Realty Reportedly To Buy Stake In 245 Park Avenue From HNA Group

(RTTNews) - SL Green Realty Corp. is buying a stake in the office building at 245 Park Avenue from HNA Group Co., a Chinese conglomerate that has been under pressure to sell its assets, the Wall Street Journal reported citing people familiar with the deal.

The price SL Green is paying and the size of the stake couldn't be determined. SL Green will have operating control of the property and a preferred position in the joint venture, the report said.

The SL Green deal is expected to close in multiple stages, according to one of the people.

HNA bought the 1.8 million square foot tower last year for $2.21 billion, among the highest prices paid for a Manhattan office building.