4 New York Plaza Gets JV Ownership

NEW YORK—Harbor Group International has sold 4 New York Plaza to a joint venture between HSBC Alternative Investments Limited (HAIL) and EDGE Fund Advisors LLC for an undisclosed amount. The purchase represented the joint venture’s second major New York City purchase.

CBRE represented ownership on the leasing and sale of the Property. Darcy Stacom, Bill Shanahan, Jeff Dunne and Paul Gillen of CBRE were the brokers on the transaction.

Harbor Group purchased the asset from JPMorgan Chase Bank, N.A. in January 2010 for approximately $107 million.

Located on the corner of Water Street and Broad Street in Manhattan, 4 New York Plaza is comprised of 25 stories of office space. Built in 1968, the building consists of approximately 1 million rentable square feet situated on 1.2 acres. Within the last three years, JPMorgan Chase, which leases 75 percent of the property, has made substantial capital improvements to building infrastructure, security, technology and tenant improvements.

The building is located in close proximity to the ferry to the Statue of Liberty and Ellis Island, the South Street Seaport, the New York Stock Exchange and other downtown landmarks.

The property is currently 95 percent occupied.

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