HSBC Shops Fifth Avenue Tower
HSBC wants to sell 452 Fifth Avenue, its 29-story headquarters at 40th Street. The firm has hired Jones Lang LaSalle, which is conducting tours for potential buyers. Bids are expected to be due in late September. A spokeswoman for HSBC said the decision to sell is part of a plan by the bank to lease its buildings rather than own them.
The sale includes 452 Fifth Avenue and a 150,000-square-foot building that is part of the same complex. The buildings total 900,000 square feet of office, retail and storage space and could be sold for upwards of more than $600 million. Officials at Jones Lang declined to discuss a potential price.
The move is also being seen as a sign that HSBC is full speed ahead on leasing space at 7 World Trade Center, which is owned by Silverstein Properties. Although HSBC has not yet signed, there is a lease out on the property, a Silverstein spokesman said. There is also speculation that HSBC may lease back some space at 452 Fifth Avenue. The HSBC spokeswoman declined to comment.
Dan Fasulo, a managing director at Real Capital Analytics, said that the building, which is seen as one of the premier buildings in the submarket, has the potential to set a record price for that stretch of Fifth Avenue between 34th and 42nd. It could be sold for about $800 to $900 per square foot.
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