The WK Law Firm Represented HNA Group in Closing a Transaction at $305 Million

The WK Law Firm successfully represented HNA Group in the sale of a landmark property located at 1180 Avenue of Americas, Manhattan, New York with a closing price of $305 million on February 16, 2018. The buyer is Northwood Investors.

The property, built in 1963, is a 22-story class A office building with 398,208-square-foot overall floorage. It is located in the junction of 46th streets and Avenue of Americas, Midtown, Manhattan, next to Times Square and Rockefeller Center.

HNA acquired 90 percent stake of the building for $259 million from Carlyle Group in 2011, it is the first property owned by HNA in US. MHP Real Estate Services acquired 10 percent stake and transferred all its interest to HNA thereafter.

The buyer Northwood Investors is an investment firm set up in 2006 by John Kukral who used to be the CEO of Blackstone Real Estate Advisors. Its aggregate investment in real estate and other relevant industries worldwide has reached $7 billion as of January 1, 2018.

This is another remarkable transaction HNA Group has closed with the support of the WK Law Firm after the successful acquisition of 1180 Avenue of Americas, 850 Third Avenue, 123 Mission Street, City Center, 181 West Madison and 245 Park Avenue.

With an annual transaction amount exceeding $10 billion US dollars, the WK Law Firm is specialized in cross-border M&A, financing, real property transactions, corporate operation, capital markets operation, international trade and commercial litigation. The WK team is devoted in offering support to Chinese entities stepping into the global market and endeavoring to set up a new milestone for the development of Chinese entities.