9th November 2010 : HSBC Alternative Investments Limited and an exclusive syndicate of HSBC Private Banking Clients announces the acquisition of a 49% ownership interest in 1540 Broadway, Times Square, New York , a 907,000  square foot,  44-storey world-class, trophy office building.  The deal further demonstrates the Groups growing strength in securing ‘best in class, high quality’ properties for their clients.

1540 Broadway is the centrepiece of Times Square, providing high quality office accommodation with stunning views of the surrounding area.  The timing is seen as optimal as the office leasing market is rapidly strengthening and asking rents in Midtown Manhattan rose this year for the first time in 2 years. 85% of the building is leased to 21 quality tenants, with only 6% expiring before 2017.

Chris Allen, CEO of HSBC Private Bank’s Alternative Investment Division, said:

“As a trophy office building and the centrepiece of Times Square this latest acquisition fits our strategy of investing in high-quality, stable office buildings in prime locations with credit-worthy tenants.  It also proves that we are witnessing a once in a lifetime buying opportunity for those managers that have the liquidity and global contacts.”

“This transaction perfectly demonstrates HSBC Private Bank’s ability to ‘open doors’ for its clients.  This is our 4th syndicate purchase with the most recent being a $200m prime Washington property in May. This syndicate purchase would have been an impossibility for our clients acting individually.”

Edge Fund Advisors acted for HSBC Alternative Investments Limited.