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Midtown Office Tower Set to Trade at Sky High Price

NEW YORK CITY—Now under contract, the deal could become the city’s most expensive acquisition ever.

245-park-ave The 1.8 million-square-foot office tower at 245 Park Ave. was put on the market last year.

NEW YORK CITY—A joint venture between Brookfield Property Partners and the New York State Teachers’ Retirement System is under contract to sell 245 Park Ave. to HNA, a Chinese conglomerate, and an unidentified partner, according to The Real Deal.

The Midtown transaction reportedly is expected to close for $2.21 billion which would make the deal one of the most expensive acquisitions in history of a Manhattan skyscraper, and would send a clear sign of Chinese investors’ interest—and importance—in the future of the city. The price works out to an astounding $1,227 per square foot.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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