HSBC Alternative Investments and Washington, DC-based Edge Fund Advisors have acquired a trophy office building in Manhattan, NY, for an undisclosed amount from Harbor Group International.

Located at 4 New York Plaza, the building is – approximately - a 1.1 million square foot, 22-story office tower, 95 per cent of which is leased to tenants such as JP Morgan Chase, Daily News and American Media Operations.

HSBC and Edge have acquired the property on behalf of the HSBC Club Program, which also owns 1540 Broadway in New York, as well as 1625 I Street and 1350 I Street in Washington, DC.

“Since founding the HSBC Club Program two years ago we have acquired over a billion dollars in trophy office properties in the US,” Christopher Allen, chief executive of HSBC Alternative Investment, said in a statement on the purchase. The Club Program is designed to provide direct exposure to global property for HSBC clients.

The firms have an “enormous amount of confidence in the revitalization of Downtown Manhattan,” as the new building is in close proximity to the World Trade Center development and transportation hub, added Mark Keller, Edge CEO.

4 New York Plaza represents Edge’s second major purchase of a Manhattan office building in the last year on behalf of the HSBC Club Program, he said. “Edge, a co-investor and manager, will oversee CB Richard Ellis who has been retained to provide property management and leasing services.”

HSBC Alternative Investments is the unit responsible for hedge funds, private equity and real estate offerings across the HSBC group globally. 

Edge is a real estate investor and full service real estate asset manager, acting exclusively for HSBC Alternative Investments.