Press Release
May 15, 2017

Brookfield Closes $2.21 Billion Sale of 245 Park Avenue to HNA Property Holdings

The Real Estate Industry team represented a subsidiary of long-time client Brookfield Property Partners (NYSE: BPY), in the sale of 245 Park Avenue, a 45-story office tower located in Midtown Manhattan to a subsidiary of HNA Property Holdings. A large public pension fund held a 49% indirect ownership interest in the property and received a proportionate share of the sale proceeds. The purchase price was $2.21 billion, one of the highest prices ever paid for a New York City skyscraper.

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 to HNA).

Brookfield is one of the world's largest commercial real estate companies. As an owner, operator and investor, the company’s diversified portfolio includes interests in 146 premier office properties and 127 best-in-class retail malls around the globe. Brookfield also hold interests in multifamily, industrial, hotel, self-storage, student housing, manufactured housing and triple net lease assets through Brookfield-managed private funds.

The Goodwin team was led by partner Sam Richardson and included partner Katherine Murphy, associate Matthew Stayman and paralegal Maribel Hernandez.