HSBC, Edge Fund shop stake in Times Square office condo

Owners are looking to sell 48% share at 1540 Broadway

1540 Broadway
1540 Broadway

HSBC and Edge Fund Advisors are about to test whether the Manhattan trophy property sales market has fully recovered from its early 2017 slump. The partners put a 48 percent stake in the office portion of 1540 Broadway on the market, hoping to fetch around $445 million.

The 909,000-square-foot commercial condo is 92 percent occupied, Real Estate Alert reported. Newmark Knight Frank has the listing. Any buyer would also assume a share of the $450 million mortgage, reducing the cash they’d need to shell out to acquire the stake.

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The 44-story tower was built in 1990 as the headquarters of German publisher Bertelsmann. In 2006, Vornado Realty Trust bought the retail space for $260 million. A year later, Harry Macklowe paid the Blackstone Group $830 million for the office portion of the property. Macklowe lost the property to his lender, Deutsche Bank, which sold it to CBRE Global Investors.

HSBC bought a 49 percent stake in 2010 and picked up the remaining 51 percent in 2011, in deals valuing the office space at $520 million and $660 million, respectively. Tenants include Viacom, Pillsbury Winthrop, Duane Morris, Adobe Systems and Verizon. [REA] — Konrad Putzier