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Saturday 31st of July 2010

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October 6, 2009

HSBC sells New York City HQ

by Gill Montia

Story link: HSBC sells New York City HQ

HSBC has announced that it is raising $330 million from its New York City headquarters via a sale-and-leaseback agreement with 452 Fifth Owners LLC, a company controlled by Israeli businessman, Nochi Danker.

According to reports, the bank will lease back the entire building for one year and occupy floors one to 11 for 10 years.

Regarding the group’s London headquarters, South Korea’s state pension fund is rumoured to be prepared to pay around £800 million for the site in a similar sale-and-rent-back deal.

The Canary Wharf tower was re-purchased by HSBC for £838 million at the end of last year, having been sold in a £1.09 billion sale-and-leaseback deal with Spanish property developer, Metrovacesa, in 2007.

News of the New York sale comes days after the group announced the relocation of its chief executive, Michael Geoghegan, from London to Hong Kong, effective February 2010.

However, HSBC Holdings will remain domiciled in the UK and chairman Stephen Green has reassured that there is absolutely no question of the bank pulling away from the City.


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