The office tower 10 Bryant Park, also known as the HSBC Tower, is once again for sale, aiming for a price of more than $800 million. This comes from sources familiar with the plans, cited by Bloomberg. Newmark's New York real estate team of Adam Spies, Adam Doneger, and Avery Silverstein has been appointed to represent the owner, the Tel Aviv-based Property & Building Corporation (PBC). Adam Spies declined to comment on the reported plans.
The 865,000-square-foot tower was previously the subject of an acquisition attempt in 2021 by Innovo Property Group, which offered $855 million. However, that deal fell through in 2022 due to unforeseen obstacles. Now, just a few years later, PBC is making a new attempt to divest the property.
Location and Occupancy
The 30-storey tower is located in a particularly sought-after Midtown location, at 452 Fifth Avenue, on the southwest corner of West 40th Street. The attractiveness of the location is underscored by recent leases. In April last year, Amazon signed a large lease for 330,000 square feet. Two months later, fitness brand Life Time leased a 52,000-square-foot space for a fitness club, spanning four floors.
Just this May, PBC secured a lease with law firm Baker McKenzie. The firm expanded its office space in the building to 121,833 square feet at a price of $165 per square foot. The tower, originally built in the 1980s, has reportedly been recently renovated and features a redesigned lobby, further enhancing its competitiveness in the market.
Owner's Background
PBC is a subsidiary of Discount Investment Corporation and is one of Israel's largest real estate companies. The company acquired 10 Bryant Park in 2010 for $330 million. The seller at the time, HSBC Bank USA, continued to lease the offices but relocated its headquarters to Tishman Speyer's The Spiral in Hudson Yards in 2022. PBC and Discount Investment Corporation were not immediately available for comment.
- —Owner: Property & Building Corporation (PBC), Israel.
- —Acquisition: 2010 for $330 million.
- —Sale Price: Expected to be over $800 million.
