245 Park Avenue
| Company type | Office skyscraper |
|---|---|
| Industry | Commercial real estate |
| Founded | 1967 |
| Headquarters | New York City , United States |
Area served | Midtown Manhattan |
Key people | SL Green Realty (owner), Mori Trust (49.9% shareholder) |
| Products | Office space |
| Parent | SL Green Realty (full owner as of late 2022) |
245 Park Avenue stands as a prominent skyscraper located in Midtown Manhattan, New York City. Conceived by the architectural firm Shreve, Lamb and Harmon, the structure was finalized in 1967 and encompasses of office space distributed over 48 stories. It was honored with the Building Owners and Managers Association's Pinnacle Award for 2000/2001.[1]
History
The current building occupies the former site of the second Grand Central Palace exhibition hall, which was demolished in 1964 to make way for 245 Park Avenue.[2]
In 1987, Bear Stearns secured over of space for its headquarters, moving approximately 3,000 staff members into the building.[3]
On March 20, 2017, the building was purchased by Chinese conglomerate HNA Group for $2.21 billion from Brookfield Property Partners and the New York State Teachers’ Retirement System. This transaction ranked among the highest amounts paid for a skyscraper in New York.<ref>The acquisition was financed through a $1.75 billion loan provided by a syndicate including J.P. Morgan Chase and Deutsche Bank, supplemented by $568 million in mezzanine financing arranged by CBRE Group and Cooper-Horowitz.<ref>
After encountering financial difficulties in 2018, HNA divested a $148 million stake to office REIT SL Green, which also assumed responsibility for property and leasing management.<ref>Following HNA's bankruptcy, SL Green acquired full ownership by late 2022.<ref>In 2023, Japanese developer Mori Trust purchased a 49.9% share from SL Green.<ref>
Renovations commenced by mid-2024 under designs from Kohn Pedersen Fox and Fogarty Finger, introducing new features such as a golf lounge, dining establishment, wellness center, and shared rooftop area.<ref>Despite these improvements, the building's mortgage was designated as a "loan of concern" due to tenant attrition.<ref>SL Green also intends to refurbish the plaza towards the end of 2024 to boost tenant attraction.<ref>
Tenants
- Ares Management, occupying 98,095 sq ft on floors 42 through 44
- HNA Group, with 38,383 sq ft on floor 40
- Houlihan Lokey, covering 115,396 sq ft on floors 17, 19-20, and 32
- IWG, holding 38,382 sq ft on floor 39
- JLL, leasing 15,939 sq ft on floor 16
- JPMorgan Chase, occupying 90,708 sq ft on floors 2 and 16
- National Australia Bank, with 37,385 sq ft on floor 28
- Norinchukin Bank, holding 36,346 sq ft on floor 21
- Pioneer Financial, leasing 14,252 sq ft on floor 17
- Rabobank, occupying 115,157 sq ft across floors 36 to 38
- SEB, with 20,695 sq ft on floor 33
- Societe Generale, covering an extensive area of 593,344 sq ft on floors 3 through 14
- MIO Partners located on floor 13
- TPG Angelo Gordon, occupying 113,405 sq ft across floors 24 to 26
- Vestar Capital Partners, with a presence of 22,502 sq ft on floor 41
- WisdomTree Investments, holding 37,923 sq ft on floor 35
- Woori Bank, leasing 14,320 sq ft on floor 43
See also
External links
- ↑ 245 Park Avenue possesses its own distinct ZIP Code, 10167, making it one of 41 Manhattan buildings assigned unique ZIP codes as of 2019.
- ↑ Previously, the building bore names associated with American Tobacco Company, American Brands, and Bear Stearns, accommodating several key corporate occupants.
- ↑ By November 2000, JPMorgan Chase expanded its Midtown presence by leasing 580,000 square feet (54,000 m2), complementing its adjacent headquarters at 270 Park Avenue.