245 Park Avenue is a 648-ft (198 m) skyscraper in New York City, New York. It was completed in 1967, and contains 1.7 million square feet (160,000 m2) on 48 floors. Shreve, Lamb and Harmon designed the structure, which is the 94th-tallest building in New York. 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]
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]
^"245 Park Avenue". Brookfield Office Properties. Retrieved March 16, 2015.
^"SL Green takes over 245 Park Avenue". The Real Deal. September 12, 2022.
^. Emporis.com. Archived from the original on October 21, 2012. Retrieved July 22, 2012.
^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.
^"UBS 2017-C3 Structural & Collateral Term Sheet". SEC. August 7, 2017. Retrieved August 4, 2019.
External linksedit
Skyscraperpage
November 24, 2023
park, avenue, skyscraper, york, city, york, completed, 1967, contains, million, square, feet, floors, shreve, lamb, harmon, designed, structure, which, 94th, tallest, building, york, building, owners, managers, association, awarded, 2000, 2001, pinnacle, award. 245 Park Avenue is a 648 ft 198 m skyscraper in New York City New York It was completed in 1967 and contains 1 7 million square feet 160 000 m2 on 48 floors Shreve Lamb and Harmon designed the structure which is the 94th tallest building in New York 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 AvenueGeneral informationStatusCompletedTypeOfficeCoordinates40 45 18 N 73 58 30 W 40 754885 N 73 974871 W 40 754885 73 974871Completed1967OwnerSL Green Realty 2 HeightRoof648 ft 198 m Technical detailsFloor count48Floor area1 719 000 sq ft 159 700 m2 1 Design and constructionArchitect s Shreve Lamb and HarmonDeveloperUris Buildings Corporation Contents 1 History 2 Tenants 3 See also 4 References 5 External linksHistory 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 Tenants editAngelo Gordon amp Co 113 405 square feet 10 535 7 m2 on floors 24 26 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 amp 32 JLL 15 939 square feet 1 480 8 m2 on floor 16 J P Morgan Chase 90 708 square feet 8 427 0 m2 on floors 2 amp 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 LLC 14 252 square feet 1 324 1 m2 on floor 17 Regus 38 382 square feet 3 565 8 m2 on floor 39 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 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 12 See also editList of tallest buildings in New York CityReferences 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 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 UBS 2017 C3 Structural amp Collateral Term Sheet SEC August 7 2017 Retrieved August 4 2019 External links editEmporis Skyscraperpage Retrieved from https en wikipedia org w index php title 245 Park Avenue amp oldid 1179818360, 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