{"id":1004574896,"date":"2022-04-04T09:08:23","date_gmt":"2022-04-04T17:08:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004574896"},"modified":"2022-12-08T11:07:08","modified_gmt":"2022-12-08T19:07:08","slug":"edge-fund-advisors-hsbc-land-590m-for-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/","title":{"rendered":"Edge Fund Advisors, HSBC Land $590M for Manhattan Tower"},"content":{"rendered":"
\"\"<\/a>

1540 Broadway. Image via Wikimedia Commons<\/p><\/div>\n

A joint venture of Edge Fund Advisors<\/strong> and HSBC<\/strong> has landed $590 million in financing for 1540 Broadway, a 44-story office tower in the heart of Manhattan\u2019s Times Square.<\/p>\n

Built in 1990 and also known as the Bertelsmann Building, the Class A office tower underwent $40 million in renovations over the past three years, including a 27,000-square-foot amenity floor designed by Gensler<\/strong> and new smart tech features throughout the property. The building\u2019s lobby and entrance area were also upgraded.<\/p>\n

The loan was provided by Apollo<\/strong>, MSD<\/strong> and Monarch<\/strong>. A Newmark<\/strong> team led by Jordan Roeschlaub and Dustin Stolly arranged the financing deal.<\/p>\n

\n

READ ALSO: <\/strong>Designs, Amenities and Upgrades for the New Office<\/a><\/p>\n

\n

Tenants at the 907,427-square-foot office building include Schrodinger, G\/O Media, Adobe and Duane Morris, according to CommercialEdge data.<\/p>\n

HSBC and Edge acquired the property in two phases in 2011 for $596 million. The building, designed by Skidmore, Owings and Merrill named for its original anchor tenant, the German media company Bertelsmann, has changed hands several times since its construction. CBRE Group, The Paramount Group, Deutsche Bank and Harry Macklowe all owned the property at one time.<\/p>\n

In 2017, Newmark announced it had been tapped to sell a 48 percent stake in 1540 Broadway, which the brokerage said at the time<\/a> was valued at $925 million.<\/p>\n

The major financing comes during a time when Manhattan\u2019s office vacancy rate has been on the uptick<\/a>, according to a recent CommercialEdge report. As of February, the borough\u2019s vacancy rate reached 13.1 percent, up 30 basis points month-over-month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The recently renovated trophy property is in the heart of Times Square.<\/p>\n","protected":false},"author":745,"featured_media":1004563323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[47423,33012,34863,50999],"class_list":["post-1004574896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-edge-fund-advisors","tag-gensler","tag-hsbc","tag-newmark"],"acf":[],"yoast_head":"\nEdge Fund Advisors, HSBC Land $590M for Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A joint venture of Edge Fund Advisors and HSBC landed $590 million in financing for an office tower in Manhattan\u2019s Times Square.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Edge Fund Advisors, HSBC Land $590M for Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"A joint venture of Edge Fund Advisors and HSBC landed $590 million in financing for an office tower in Manhattan\u2019s Times Square.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-04T17:08:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:07:08+00:00\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/vidar-nordli-mathisen-ZYDhBqxJnJ8-unsplash-e1641845393894.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/\",\"name\":\"Edge Fund Advisors, HSBC Land $590M for Manhattan Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/vidar-nordli-mathisen-ZYDhBqxJnJ8-unsplash-e1641845393894.jpg\",\"datePublished\":\"2022-04-04T17:08:23+00:00\",\"dateModified\":\"2022-12-08T19:07:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"description\":\"A joint venture of Edge Fund Advisors and HSBC landed $590 million in financing for an office tower in Manhattan\u2019s Times Square.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/edge-fund-advisors-hsbc-land-590m-for-manhattan-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/vidar-nordli-mathisen-ZYDhBqxJnJ8-unsplash-e1641845393894.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/vidar-nordli-mathisen-ZYDhBqxJnJ8-unsplash-e1641845393894.jpg\",\"width\":800,\"height\":601,\"caption\":\"Times Square. 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