The commercial real estate market in New York City is as competitive as it is complicated, especially when it comes to such mega-deals. When a subsidiary of Brookfield Property Partners, one of the world’s largest commercial real estate companies, began looking for a buyer for 245 Park Avenue, they turned to Goodwin’s experienced Real Estate Industry practice to help make the transaction happen.
A large public pension fund held a 49% indirect ownership interest in the property and received a proportionate share of the sale proceeds. Goodwin previously represented Brookfield in connection with the pension fund investment in 245 Park Avenue, and also represented Brookfield in connection with an $800 million mortgage loan from Bank of China which was satisfied in connection with the sale.
The purchase price was $2.21 billion, one of the highest prices ever paid for a New York City skyscraper. The buyer is a subsidiary of HNA Property Holdings, a Chinese conglomerate.