HSBC Alternative Investments and Washington, DC-based Edge Fund Advisors have acquired a trophy office building in Manhattan, NY, for an undisclosed amount from Harbor Group International.
Located at 4 New York Plaza, the building is – approximately - a 1.1 million square foot, 22-story office tower, 95 per cent of which is leased to tenants such as JP Morgan Chase, Daily News and American Media Operations.
HSBC and Edge have acquired the property on behalf of the HSBC Club Program, which also owns 1540 Broadway in New York, as well as 1625 I Street and 1350 I Street in Washington, DC.
“Since founding the HSBC Club Program two years ago we have acquired over a billion dollars in trophy office properties in the US,” Christopher Allen, chief executive of HSBC Alternative Investment, said in a statement on the purchase. The Club Program is designed to provide direct exposure to global property for HSBC clients.
The firms have an “enormous amount of confidence in the revitalization of Downtown Manhattan,” as the new building is in close proximity to the World Trade Center development and transportation hub, added Mark Keller, Edge CEO.