HSBC Holdings PLC HSBA

PRESS RELEASE: HSBC and Edge Fund Advisors Purchase 4 New York Plaza

HSBC and Edge Fund Advisors Purchase 4 New York Plaza

HSBC Alternative Investments LTD and Edge Fund Advisors acquire 4 New York Plaza, a landmark office building located in Downtown Manhattan, New York

NEW YORK--(BUSINESS WIRE)--May 23, 2012-- 

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, D.C.

HSBC AND EDGE FUND ADVISORS PURCHASE 4 NEW YORK PLAZA. (Photo: Business Wire)

According to Mr. Mark Keller, Edge Fund Advisors CEO, "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."

Mr. Christopher Allen, CEO of HSBC Alternative Investments Limited, said:

"Since founding the HSBC Club Programme three years ago we have acquired over $1.3 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."

EDGE Fund Advisors Profile: Edge Fund Advisors is a Washington, D.C. based real estate investor and full service real estate asset manager. EDGE acts exclusively to HSBC Alternative Investments Limited. For more information, visit www.Edge-Funds.com

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50287063&lang=en

 
    CONTACT:    Edge Fund Advisors 

Mark R. Keller, 202-537-0770

(END) Dow Jones Newswires

May 23, 2012 07:06 ET (11:06 GMT)