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452 5th Ave, New York, NY, ...

HSBC Bank Renews Lease At 452 5th Ave With Tenant's Rep Peter Riguardi
LEASEDOffice

HSBC Bank Renews Lease At 452 5th Ave With Tenant's Rep Peter Riguardi

452 5th Ave, New York, NY, 10018

Building Size

548,000 SF

Asset Type

Office

Closing

May 4, 2017

AI

The property involved in the transaction is the U.S. headquarters of HSBC Bank located at 452 Fifth Avenue in New York, NY, with a total square footage of 548,000. The landlord of the office asset is PBC USA, and the market in which it is situated is New York.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not provided
  • Tenant: HSBC Bank
  • Tenant's Rep: Peter Riguardi(JLL)
  • Landlord: PBC USA
  • Lease Date: 05/04/2017
  • Square Feet: 548,000
  • Market: New York

HSBC Bank, a financial services giant, decided to remain at its current location after considering other options. The negotiation process was overseen by Peter Riguardi from JLL representing HSBC and Paul Glickman from JLL representing PBC, the property owner. The lease extension from 2020 through 2025 saw an increase in rent from $32 million to $43 million per year.

Players

Peter Riguardi

JLL

Broker

$38.2M

vol

16 deals

Broker
HSBC
HSBC Lender
HSBC
HSBC Tenant

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93