| 245 Park Avenue | |
|---|---|
 | |
 | |
| General information | |
| Status | Completed |
| Type | Office |
| Coordinates | 40°45′18″N 73°58′30″W / 40.754885°N 73.974871°W |
| Completed | 1967 |
| Owner | SL Green Realty[2] |
| Height | |
| Roof | 648 ft (198 m) |
| Technical details | |
| Floor count | 48 |
| Floor area | 1,719,000 sq ft (159,700 m2)[1] |
| Design and construction | |
| Architect(s) | Shreve, Lamb and Harmon |
| Developer | Uris Buildings Corporation |
245 Park Avenue is a 648-ft (198 m) skyscraper in New York City, New York. It was completed in 1967, and contains 1.7 million square feet (160,000 m2) on 48 floors. Shreve, Lamb and Harmon designed the structure, which is the 94th-tallest building in New York. The Building Owners and Managers Association awarded the 2000/2001 Pinnacle Award to 245 Park Avenue.[3] The building is assigned its own ZIP Code, 10167; it was one of 41 buildings in Manhattan that had their own ZIP Codes as of 2019[update].[4]
The site used to be occupied by the second Grand Central Palace exhibition hall, which was demolished in 1964 to make way for 245 Park Avenue.[5] The building was previously named for American Tobacco Company, American Brands, and Bear Stearns at various points in its history.
In 1987, Bear Stearns signed a lease for more than 500,000 square feet (46,000 m2) of space as its new headquarters and moved 3,000 of the company's employees into the building.[6]
In November 2000, JPMorgan Chase leased 580,000 square feet (54,000 m2) in the building, creating a corporate campus with the company's nearby headquarters at 270 Park Avenue.[7]
On March 20, 2017, Chinese conglomerate HNA Group announced a deal to acquire the building for $2.21 billion from Brookfield Property Partners and the New York State Teachers’ Retirement System, one of the highest prices ever paid for a New York skyscraper.[8] HNA financed the acquisition with a $1.75 billion loan from a consortium of lenders including J.P. Morgan Chase, Deutsche Bank, Barclays, Natixis and Societe Generale in addition to $568 million of mezzanine financing.[9] CBRE Group and Cooper-Horowitz made the deal for the loan, acting as commercial mortgage brokers.[10]
Following financial difficulties at HNA in 2018, the conglomerate committed to selling off $22 billion in stocks and real estate assets. Part of this commitment included the sale of a $148 million stake in 245 Park Avenue to office REIT SL Green, which was also appointed as property manager and leasing manager.[11]
