HSBC Alternative Investments Limited (HAIL)
and EDGE Fund Advisors (EDGE) have acquired the remaining 51%
ownership interest of 1540 Broadway, Manhattan.
The purchase was made for a syndicate of HSBC
clients in an off-market transaction.
Go deeper with GlobalData
Concurrent with the purchase, HAIL has also
closed on the refinance of the property with MetLife, an insurance
and financial services provider.
Also known as the Bertelsmann Building, the
44-storey trophy office building is located in the centre of Times
Square.
HAIL previously acquired a 49% ownership
interest in November 2010.
The 907,000 sq ft property currently houses
Viacom International, Yahoo!, Pillsbury Winthrop Shaw Pittman and
Xinhua News Agency.
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By GlobalDataInvestment opportunities for HSBC clients
Since its inauguration two years ago, the HSBC
Club programme has acquired more than $1bn in trophy office
properties across the US.
According to HAIL chief executive Christopher
Allen, the programme provides HSBC clients with direct exposure to
“otherwise inaccessible opportunities” globally.
