A partnership between HSBC Alternative Investments and Edge Fund Advisors has purchased the Lower Manhattan office tower 4 New York Plaza for $270 million, Bloomberg reported. The property, sold by Harbor Group International, is located near Water and Broad streets.
The building measures 1.1 million square feet in space and 22 stories in height. Bloomberg said it was purchased on behalf of the London-based HSBC Club Programme. As The Real Deal previously reported, this entity owns 1540 Broadway, along with two properties in Washington, D.C. A Darcy Stacom and Bill Shanahan-led CBRE Group team marketed the building, which had been rumored to be on the verge of being acquired by Edge Fund Advisors for $230 per foot.
The New York Plaza building houses the offices of JPMorgan Chase and Mort Zuckerman’s New York Daily News.
The office vacancy rate in Lower Manhattan was 9.2 percent at the end of March, down from the 12.1 percent peak in the third quarter of 2010, according to Bloomberg. [Bloomberg]