X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-CB Richard Ellis said Tuesday it had sold a 49% stake in the office portion of 1540 Broadway to a partnership of Edge Fund Advisors and HSBC Alternative Investments Ltd. Based on a valuation of $520 million for the 907,427-square-foot property, or approximately $575 per square foot, that translates into a purchase price of $254.8 million for the Edge/HAIL stake.

The deal comes a little more than a year and a half after the CBRE Strategic Partners Value 5 fund acquired the office portion of the 1.1-million-square-foot, 44-story tower in a distressed sale for a reported $355 million. It was one of the last two unsold properties in the Macklowe/Equity Office portfolio that Deutsche Bank took back in early 2008.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.