MHP and HNA Acquire 850 Third Avenue in Midtown
NEW YORK, April 7, 2016 /PRNewswire/ -- MHP Real Estate Services announced the acquisition of 850 Third Avenue, in partnership with Chinese conglomerate HNA Property Holdings, from previous owner Shorenstein Properties. MHP will be the operating partner of the joint venture, with HNA serving as majority partner.
The off-market purchase of the 617,000-square-foot office building, located between East 51st and 52nd streets, is the latest high-profile acquisition to MHP's portfolio. It also marks the second joint venture between MHP and HNA, with the partnership now owning more than 1 million square feet of office space. HNA will be setting up its U.S. headquarters at 850 Third Avenue, joining current tenants like Discovery Communications, Radio One and the City of New York.
"We're thrilled to build upon our successful partnership with HNA with the addition of 850 Third Avenue to our office portfolio," said Norman Sturner, Founder and CEO of MHP Real Estate Services. "The Midtown East office market is experiencing an extraordinary renaissance that will further redefine the city, and reshape a time-tested enclave of New York business. The East Side Rezoning efforts, along with the area's existing transportation infrastructure and addition of the Second Avenue subway line, have created new opportunities for growth, and we're excited to be part of this movement."
MHP Real Estate Services owns, leases and manages more than 6 million square feet of office space in New York. Prior to 850 Third Avenue, the firm's most recent acquisition was 180 Maiden Lane in Lower Manhattan, purchased in partnership with Clarion Partners in late 2014. HNA Property Holdings is the New York-based commercial real estate arm of HNA Group. Prior to the purchase of 850 Third Ave, the firm's acquisitions have included 1180 Avenue of the Americas, Cassa Hotel, and the Nicklaus Club-Monterey Golf Resort. The HNA portfolio is now worth over $1 billion in total.
About MHP Real Estate Services
MHP Real Estate Services owns, leases and manages more than six million square feet of prime commercial office space in NY. Founded in 1971 with headquarters in New York, MHP bought its first building in the Murray Hill section of New York. Since inception, MHP has bought and sold more than 150 properties with an aggregate value of more than $12 billion dollars. MHP is a vertically integrated firm featuring multiple disciplines including Acquisition/Disposition, Brokerage Services, Asset Management and Project Management. MHP is a member of TCN Worldwide, which is comprised of real estate firms in 200 markets and $38.8 billion in annual transactions. More information about the firm is available at www.mhpnyc.com.
About HNA Group
HNA Group, a Fortune 500 Company and a leader in aviation and tourism, was founded in 1993. In the past two decades, it grew from a local aviation transportation operator to a multinational conglomerate encompassing aviation, airport management, financial services, real estate, retail, tourism, and logistics. In 2014, HNA Group had revenues in excess of US $25 billion, US $72 billion in assets, 11 listed companies, and have more than 110,000 employees worldwide. www.hnagroup.com
Disclaimer
Some information contained herein is derived from selected third party sources believed by MHP Real Estate Services to be reliable, but no representation or warranty is made regarding its accuracy or completeness. Nothing herein constitutes an offer or solicitation of any product or service to any person or in any jurisdiction where such offer or solicitation is not authorized or is prohibited by law. Past performance is not necessarily indicative of future results.
SOURCE MHP Real Estate Services
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