The WK Law Firm Represented a Famous Chinese Enterprise Purchased 245 Park Avenue, Manhattan with $2.21 billion and Completed Financing

The WK Law Firm successfully represented HNA Group closed on its $2.21 billion purchase of 245 Park Avenue on May 5, 2017. The sellers are Brookfield Property Partners and the New York State Teacher’s Retirement System. The deal marks one of the biggest prices ever paid for a Manhattan office tower. Ms. Annie Kao, the partner of WK Law firm represented HNA Group at closing. The WK Law firm also completed the acquisition financing with a $1.75 billion loan from a consortium of banks led by JPMorgan Chase.

245 Park is among the most prominent asserts on Manhattan’s most valuable office corridor, Park Avenue. The 1,778,000 sf, 44-story tower is the first property on Park Avenue, the anchor to the prestigious promenade. Sited on Park extending to Lexington and 46th to 47th Streets, the asset occupies a super block and is among the largest building on Park Avenue and the top 2.0% in Midtown. Tenants in the building include Societe Generale, Major League Baseball and JP Morgan.

This is another remarkable transaction this Chinese enterprise 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 and 181 West Madison.

With an annual amount of business transactions 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 and international trade. 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.