Morgan Stanley and Blackstone have provided a $335 million acquisition loan to HNA Capital and MHP Real Estate Services for the acquisition of 850 Third Avenue in midtown Manhattan.
The joint venture paid Shorenstein Properties $463 million for the property, which puts the loan-to-value around 72 percent. HNA Capital is now the majority stakeholder and equity owner of the 617,000 sq ft, 21-story office tower, located between East 51st and 52nd Streets.
HNA Capital, the financial/banking arm and one of the three cores that make up HNA Group, will set up their US headquarters at the building. Other tenants include Discovery Communications, Radio One and the City of New York.
HNA Property Holdings, the New York-based real estate investment and management company, handled the transaction on behalf of HNA Capital and will manage the building.
Other assets in the Chinese firm’s US portfolio include the Cassa Hotel at 70 West 45th Street, 1180 Sixth Avenue and two golf courses, Nicklaus Club-Monterey in California and Somers Pointe Country Club in Westchester, New York.
There are nearly 30 companies operating businesses in China, Singapore, the US, Australia, U.K. under the umbrella of HNA Capital.