{"id":1004207697,"date":"2018-02-20T05:20:43","date_gmt":"2018-02-20T13:20:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207697"},"modified":"2022-12-08T15:06:08","modified_gmt":"2022-12-08T23:06:08","slug":"northwood-buys-midtown-office-tower-for-305m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northwood-buys-midtown-office-tower-for-305m\/","title":{"rendered":"Northwood Buys NYC Office Tower for $305M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"1180<\/a>

1180 Ave. of the Americas in NYC<\/p><\/div>\n

Northwood Investors has purchased 1180 Ave. of the Americas in Midtown Manhattan for a reported $305 million. The 23-story, 386,921-square-foot building, along \u201cCorporate Row\u201d in the Plaza District, includes 13,679 square feet of ground-floor retail.<\/p>\n

NKF Capital Markets arranged acquisition financing in the form of a $237 million loan reportedly provided by RBC Royal Bank. The loan was brokered by Jordan Roeschlaub and Dustin Stolly, NKF Capital Markets\u2019 vice chairmen & co-heads, Debt & Structured Finance. NKF was also Northwood\u2019s exclusive financial advisor.<\/p>\n

The Class A building was completed in 1963 and renovated in 1997 and is fully occupied, according to information provided to Commercial Property Executive<\/em> by Yardi Matrix. The location is close to Rockefeller Center and at least three transit stations.<\/p>\n

The seller was Chinese conglomerate HNA Group, which had bought the building in 2011 for $259 million from the Carlyle Group, also per Yardi Matrix. MHP Real Estate Services also seems to have held a 10 percent ownership stake.<\/p>\n

The anchor tenant is Scripps Networks Interactive, and among the other tenants are several law firms, including Bryant Rabbino, Whatley Kallas and Ostrolenk Faber, a boutique firm specializing in intellectual property.<\/p>\n

Neither Northwood nor NKF would comment on the transaction or the financing.<\/p>\n

HNA\u2019s retrenchment<\/h2>\n

As a purchaser, HNA had a stellar year, though the proverbial chickens evidently are coming home to roost.<\/p>\n

The conglomerate was the buyer in New York City\u2019s top office deal<\/a> of 2017, when it acquired 245 Park Ave. from Brookfield Properties for $2.2 billion. The 45-story building near Grand Central Terminal totals 1.8 million square feet.<\/p>\n

HNA also topped Commercial Property Executive<\/em>\u2019s list of the biggest 2017 buyers of office buildings in Chicago, having spent $359 million there.<\/p>\n

But at the end of January, Bloomberg<\/em> reported that HNA Group is facing a massive liquidity crunch and is looking to sell roughly $16 billion in assets in the first half of this year. Exactly what\u2019s going up for sale is unknown at this point, but Bloomberg<\/em> noted that an estimate from Real Capital Analytics places HNA\u2019s worldwide CRE holdings at more than $14 billion.<\/p>\n

Another factor reportedly driving HNA\u2019s retrenchment is the Chinese government\u2019s increasing desire to restrain capital from leaving the country.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The seller, Chinese conglomerate HNA Group, reportedly faces a looming liquidity crisis and is looking to dispose of $16 billion in assets worldwide.<\/p>\n","protected":false},"author":882,"featured_media":1004207718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[34856,37431,36007,34258,36109],"class_list":["post-1004207697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-hna-group","tag-mhp-real-estate-services","tag-newmark-knight-frank","tag-northwood-investors","tag-the-carlyle-group"],"acf":[],"yoast_head":"\nNorthwood Buys NYC Office Tower for $305M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northwood-buys-midtown-office-tower-for-305m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Northwood Buys NYC Office Tower for $305M\" \/>\n<meta property=\"og:description\" content=\"The seller, Chinese conglomerate HNA Group, reportedly faces a looming liquidity crisis and is looking to dispose of $16 billion in assets worldwide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northwood-buys-midtown-office-tower-for-305m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-20T13:20:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:06:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1180-Ave.-of-the-Americas-in-NYC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northwood-buys-midtown-office-tower-for-305m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northwood-buys-midtown-office-tower-for-305m\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Northwood Buys NYC Office Tower for $305M\",\"datePublished\":\"2018-02-20T13:20:43+00:00\",\"dateModified\":\"2022-12-08T23:06:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northwood-buys-midtown-office-tower-for-305m\\\/\"},\"wordCount\":390,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northwood-buys-midtown-office-tower-for-305m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/02\\\/1180-Ave.-of-the-Americas-in-NYC.jpg\",\"keywords\":[\"HNA Group\",\"MHP Real Estate Services\",\"Newmark Knight Frank\",\"Northwood Investors\",\"The Carlyle Group\"],\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"New York\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northwood-buys-midtown-office-tower-for-305m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/northwood-buys-midtown-office-tower-for-305m\\\/\",\"name\":\"Northwood Buys NYC Office Tower for $305M - 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