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] SL Green took over the entire property in late 2022 after HNA went bankrupt.[12][13] The next year, Japanese developer Mori Trust agreed to buy a 49.9% interest in the building from SL Green.[14][15] By mid-2024, the owners were renovating the building and adding a golf lounge, restaurant, wellness center, and communal rooftop space.[16] At the time, the building's mortgage was classified as a "loan of concern" because two large tenants were moving out.[17]
Tenants
Ares Management, 98,095 square feet (9,113.3 m2) on floors 42-44
HNA Group, 38,383 square feet (3,565.9 m2) on floor 40