1540 B'Way Goes New Way
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|CBRE Strategic Partners Value 5 has sold a non-controlling equity interest in 1540 Broadway (which has seen a major turnaround since its purchase last year) to HSBC Alternative Investments Ltd. and Edge Fund Advisors. The interest was sold based on a building price of $520M. The CBRE fund will maintain a majority interest and retain management of the 907k SF building, which it purchased in March '09 as a distressed sale when it was 78.1% leased; it's now 85.4% leased after a capital improvement campaign, which included a lobby renovation, and development and leasing of spec suites. The majority of the remaining vacancy is a contiguous block of 74k SF on floors 42 through 44, and additional spec suites are planned for all other vacant spaces.|