HSBC Private Bank has bought 4 New York Plaza,
a 1.1 million square foot property in Manhattan, New York, on
behalf of a syndicate of its private banking clients.
The 22-story office tower, located near the
World Trade Center development, was acquired by HSBC Alternative
Investments Limited (HAIL) in partnership with Edge Fund Advisors,
for an undisclosed sum rumoured to be of about $274.4m.
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4 New York Plaza is the latest in a series of
trophy office property acquisitions HSBC has made in the US as part
of its club programmes.
HSBC real estate strategy
Since 2009, HSBC Private Bank has also bought
1540 Broadway in New York, for around $500m, and two Washington
buildings, for which it paid about $200m each.
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By GlobalData“The programme provides HSBC clients with
direct exposure to otherwise inaccessible opportunities globally,”
said Christopher Allen, CEO of HSBC Alternative Investments
Limited.
“We have an enormous amount of confidence in
the revitalisation of Downtown Manhattan. Our purchase is a
testament to the value we envision from this rebirth of the
Downtown market,” said Mark Keller, Edge Fund Advisors CEO
.
Building history
The building was bought from Harbor Group
International, an investment company based in Virginia, US, to
which it was previously sold by J.P. Morgan Chase in January
2010.
The American bank is still leasing 75% of the
building, while another 20% is used by tenants such as Daily News
and American Media Operations.
