SL Green to Receive Chicago Tower from Bankrupt HNA

A federal judge has ordered Chinese investment conglomerate HNA International to turn over its interest in the 50-story office tower at 181 W. Madison St. in Chicago’s Loop to SL Green Realty Corp., New York’s largest office landlord, as part of a move meant to help resolve an unpaid $185 million judgment against HNA while it works through bankruptcy. According to Crain’s Chicago Business, an HNA venture paid $355 million for the 33-year-old Loop tower in 2017 and put it up for sale slightly more than a year later, but never traded; instead refinancing the property late 2019. If successful, this would be SL Green’s only office property located within Chicago – notable given their REIT status best known for Manhattan buildings.