HAIL and Edge Fund Advisors acquire 4 New York Plaza
A partnership between HSBC Alternative Investments Limited (HAIL) and Edge Fund Advisors (Edge) has purchased 4 New York Plaza, Manhattan, New York for an undisclosed amount from Harbor Group International.
4 New York Plaza, a roughly 1.1 million square foot, 22-story office tower, is approximately 95% leased to such tenants as JPMorgan Chase Bank, N.A., Daily News, L.P. and American Media Operations, Inc. under long term covenants. HAIL and EDGE acquired the property on behalf of the HSBC Club Programme. HSBC's Club Programme also owns 1540 Broadway in New York, and 1625 I Street, NW and 1350 I Street, NW in Washington, DC.
Christopher Allen, CEO of HSBC Alternative Investments Limited, says: “Since founding the HSBC Club Programme two years ago we have acquired over a billion dollars in trophy office properties in the U.S. The Programme provides HSBC clients with direct exposure to otherwise inaccessible opportunities globally; the strong take up from investors is certainly testament to the quality of the assets we have acquired."
Mark Keller, Edge Fund Advisors CEO, says”: We have an enormous amount of confidence in the revitalization of Downtown Manhattan. 4 New York Plaza is in close proximity to the World Trade Center development and transportation hub, which is the epicentre of this activity. Our purchase of 4 NY Plaza is a testament to the value we envision from this rebirth of the Downtown market. This is our second major purchase of a Manhattan office building in the last year on behalf of the HSBC 'Club Programme'. EDGE, a co-investor and manager, will oversee CB Richard Ellis who has been retained to provide property management and leasing services."