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October 4, 2011updated 04 Apr 2017 3:48pm

HSBC secures New York trophy office

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. Concurrent with the purchase, HAIL has also closed on the refinance of the property with MetLife, an insurance and financial services provider.

By Tina Leung

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.

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.

Investment 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.

 

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