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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.

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