Office landlord SL Green Realty Corp. is set to purchase an undisclosed stake in the office building at 245 Park Ave. in Manhattan, N.Y., from China's HNA Group Co. Ltd. for an undisclosed sum, The Wall Street Journal reported, citing unnamed sources.
The Chinese conglomerate paid $2.21 billion for the building in 2017.
SL Green will gain operating control of the asset and a preferred position in the joint venture, a source told the publication. One source also reportedly said the deal is slated to close in several phases.
Bloomberg News reported earlier, citing undisclosed sources, that a debt recapitalization of the asset was being considered as an alternative to an outright sale.
Tenants at the building include French bank Société Générale SA, Ares Management LP and Major League Baseball.
