WORLD NEWS SCHEDULE AT 1800 GMT/2 PM ET
Iraqi forces free hundreds of civilians in Mosul Old City battles as death toll mounts
(Corrects ticker symbol, name to HNA Group from HNA Holding Group Co Ltd in first paragraph)
NEW YORK, March 21 China's HNA Group has agreed to purchase a marquee Manhattan office building for $2.21 billion in a deal that showcases the role of Chinese capital in New York's heady commercial real estate market.
The deal for 245 Park Avenue has not closed but HNA, a Chinese conglomerate that has been on an acquisition spree, signed a purchase and sale agreement, a source familiar with the transaction said on Tuesday.
The acquisition from majority owner Brookfield Property Partners LP and New York State Teachers' Retirement System, which has a 49-percent stake, would mark one of the highest prices ever paid for a New York office building.
A prior Brookfield entity acquired the 45-floor building in 1996 from the bankruptcy of Olympia & York. NYSTRS acquired its stake in 2003.
China accounted for 30 percent of some $15.4 billion in cross-border investment in U.S. real estate last year, with almost half placed in New York, according to Cushman & Wakefield.
The transaction was first reported by The Real Deal. (Reporting by Herbert Lash; Editing by Sandra Maler)