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New York

HSBC tower leaseback deal closes for $350M

alternate textJoseph Cayre and 452 Fifth Avenue (building photo source: PropertyShark)

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The first major non-distressed office building sale Manhattan has seen in two years closed Tuesday, according to Globe St., with the $350 million sale-leaseback of the HSBC tower at 452 Fifth Avenue between 39th and 40th streets. The purchase was made by a special purpose vehicle known as 452 Fifth Owners LLC, which includes Joseph Cayre’s Midtown Holdings, Israeli-based Koor Industries, and Property and Building Ltd. Carl Schwartz, chair of law firm Herrick Feinstein’s commercial real estate department, said that the deal is a good omen for the market. “This transaction would be notable in any market, but represents a particularly good sign in light of the real estate world of 2010,” Schwartz said. “My sense is that there are lenders out there who want to put money out for the right deal.”

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Herrick FeinsteinHsbcJoseph Cayre