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
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Bruce Teitelbaum, 106 West 145th Street and Al Sharpton (Getty, Google Maps)
Teitelbaum slaps Sharpton with legal notice at Harlem HQ
Teitelbaum slaps Sharpton with legal notice at Harlem HQ
Jack Resnick & Sons president Jonathan Resnick and 250 Hudson Street (Getty Images, Google Maps)
PR giant Edelman renews massive space at Resnick’s 250 Hudson Street
PR giant Edelman renews massive space at Resnick’s 250 Hudson Street
Letitia James  with 18-36 Columbus Avenue (Getty, Loopnet)
Rockland County “fraudster” banned from real estate
Rockland County “fraudster” banned from real estate
(Illustration by Kevin Rebong for The Real Deal with Getty)
Cannabis goes legit: Real estate sees green in budding industry
Cannabis goes legit: Real estate sees green in budding industry
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
arrow_forward_ios

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

Loading...