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

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.