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HSBC, partner target $445M from NYC trophy asset stake sale


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HSBC, partner target $445M from NYC trophy asset stake sale

HSBC and Edge Fund Advisors are selling a 48% stake in the office portion of 1540 Broadway, a 909,000-square-foot commercial property in Times Square in Manhattan, N.Y., The Real Deal reported, citing Real Estate Alert.

The partners are seeking roughly $445 million for the stake, and the prospective buyer would also assume a portion of the property's existing $450 million mortgage. Newmark Knight Frank is marketing the stake on behalf of the sellers.

The 92%-occupied trophy asset features office tenants such as Viacom, Pillsbury Winthrop, Duane Morris, Adobe Systems and Verizon.

The retail portion of the 44-story tower was acquired by Vornado Realty Trust in 2006.