HSBC Alternative Investments Ltd. (HAIL) and Edge Fund Advisors (EDGE) Have Acquired 100% Ownership Interest in 1540 Broadway, New York, a 44-Story, 907,000 sq ft Trophy Office Building
NEW YORK--(BUSINESS WIRE)--HAIL and EDGE acting on behalf of the HSBC “Club Programme” have acquired, in an off-market transaction, the remaining 51% ownership interest in 1540 Broadway, Midtown Manhattan, New York. 1540 Broadway is a 44-story, 907,000 square foot trophy office tower located in the centre of Times Square.
Simultaneous with the purchase of the 51% interest, HAIL and EDGE closed on the refinance of the property with Metropolitan Life Insurance Company. HAIL and EDGE previously acquired a 49% ownership interest in the property leased in November 2010.
The property, historically known as the Bertelsmann Building, is approximately 92% occupied by such tenants as Viacom International Inc., Yahoo! Inc., Pillsbury Winthrop Shaw Pittman LLP and Chinese media giant, Xinhua News Agency.
According to Mr. Mark Keller, EDGE Fund Advisors CEO, "Our purchase of the 100% ownership interest in 1540 Broadway represents HAIL and EDGE’s further commitment to acquire trophy office properties in New York City on behalf of the HSBC 'Club Programme'. EDGE, a co-investor and manager, will oversee CB Richard Ellis who has been retained to provide property management and leasing services. The purchase of the remaining ownership interest in 1540 Broadway is a great compliment to our trophy office properties 1625 I Street and 1350 I Street in Washington, D.C., and demonstrates our commitment to acquire superior real estate investments on behalf of the HSBC Club Programme."
Mr. Christopher Allen, CEO of HSBC Alternative Investments Limited, said:
“Since founding the HSBC Club Programme two years ago we have acquired over a billion dollars in trophy office properties in the U.S. The Programme provides HSBC clients with direct exposure to otherwise inaccessible opportunities globally; the strong take up from investors is certainly testament to the quality of the assets we have acquired."
EDGE Fund Advisors Profile: Edge Fund Advisors is a Washington, D.C. based real estate investor and full service real estate asset manager. EDGE acts exclusively to HSBC Alternative Investments Limited. For more information, visit www.Edge-Funds.com