Bankrupt HNA Ordered to Turn Over Chicago Tower to SL Green – Robert Khodadadian
The Chinese investment conglomerate that owns the 50-story office tower at 181 W. Madison St. in Chicago’s Loop must hand over the property to SL Green Realty Corp., New York’s largest office landlord, a federal judge ordered last week.
In a ruling meant to help resolve an unpaid $185-million judgment against HNA International as the China-based firm works through bankruptcy, Judge John Koeltl ordered HNA to turn over its interest in the Chicago property to a venture led by New York-based SL Green, Crain’s Chicago Business reported.
The 33-year-old Loop tower would be the only office property in Chicago owned by SL Green, a REIT best known for its Manhattan office buildings.
An HNA venture paid $355 million in 2017 for 181 W. Madison and put it up for sale slightly more than a year later, but the tower never traded. The venture instead refinanced the property in late 2019.
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The post Bankrupt HNA Ordered to Turn Over Chicago Tower to SL Green appeared first on Connect CRE.
The Chinese investment conglomerate that owns the 50-story office tower at 181 W. Madison St. in Chicago’s Loop must hand over the property to SL Green Realty Corp., New York’s largest office landlord, a federal judge ordered last week. In a ruling meant to help resolve an unpaid $185-million judgment against HNA International as the China-based firm works …
The post Bankrupt HNA Ordered to Turn Over Chicago Tower to SL Green appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate