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HSBC Signs 548K SF Bryant Park Lease

452 Fifth Ave.

HSBC is staying in Bryant Park.

The global banking giant signed a five-year lease for 548K SF with Israeli landlord PBC USA at 452 Fifth Ave., in a building known as HSBC Tower, which is the financial institution's global headquarters.

Terms of the deal were not disclosed but rents in the top floors go for over $100/SF.

A JLL team led by Paul Glickman represented PBC, with Rob Sorin of Fried Frank acting as legal counsel for the landlord. A separate JLL team led by Peter Riguardi represented HSBC.

The Class-A office building was owned by HSBC, but the bank sold the 865K SF building to PBC in April 2010 for $330M.

Since the purchase, PBC improved the building; redeveloping a multi-floor lobby and entrance, upgrading the elevators serving the tower floors and adding new emergency power generators.

PBC is a subsidiary of Property & Building Corp., an Israeli real estate company with assets in Israel, India, the U.S. and England.