HSBC, Edge Fund shop stake in Times Square office condo

Owners are looking to sell 48% share at 1540 Broadway

New York /
Oct.October 04, 2017 09:50 AM

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.

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


Related Articles

arrow_forward_ios
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
817 Broadway and Taconic co-CEOs Charles Bendit and Paul Pariser (Taconic)
Taconic lands $125M refi for renovated Union Square office building
Taconic lands $125M refi for renovated Union Square office building
Lexington Hotel at 511 Lexington Avenue (Google Maps)
NYC hotels getting busier, but still struggling
NYC hotels getting busier, but still struggling
Illustration of Sam Zell of Equity Commonwealth (right) and Barry Sternlicht of Starwood (Illustration by Kevin Rebong for The Real Deal)
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Instacart CEO Apoorva Mehta (Getty)
Instacart to build fulfillment centers near supermarkets
Instacart to build fulfillment centers near supermarkets
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
A rendering of 19 Hausman Street (M Development)
Nightmare darkens for largest Brooklyn condo project of 2019
Nightmare darkens for largest Brooklyn condo project of 2019
Andrew Farkas of Island Capital and 511 Lexington Avenue (Island Capital, Google Maps)
Farkas buys Lexington Ave hotel for $185M
Farkas buys Lexington Ave hotel for $185M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...