NEW YORK, March 30, 2017 /PRNewswire/ -- HNA Property Holdings LLC, a real estate investment and management subsidiary of HNA Group, is planning to sell its interest in 1180 Avenue of the Americas (1180).
1180, located in the Sixth Avenue Corridor of New York City's Midtown market, was purchased on May 6, 2001. The 398,208 square foot Property is a Class A office building, built in 1963, with street level retail. The Property is currently 100% occupied. Scripps is the anchor tenant occupying approximately 126,000 square feet through November 2021.
Due to the strong NYC real estate market fundamentals, the value of 1180 is anticipated to continue to increase. According to CBRE's Midtown Manhattan Office Report, Midtown's overall vacancy rate as of February 2017 was 8.1% with average asking rents of over $80.00 psf. This represents a 60% increase in average rents since 2009.
SOURCE HNA Group