Business NEWS
HSBC sells New York headquarters for $330 million to Nochi Dankner’s IDB group
By Mike Martinez for CEOWORLD Magazine Updated:October 5, 2009
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Nochi Dankner’s Koor Industries Ltd. (KOR.TA) and Property & Building Corp. (PTBL.TA) signed an agreement to buy HSBC Holdings Plc.’s (HSBA.L) New York City headquarters for $330 million in cash.
HSBC Holdings Plc (HBC) said it agreed to lease back the entire building after the sale, which it expects to be completed in the first quarter of 2010.
The bank also said it plans to retain New York as headquarters for its U.S. operations and has agreed to lease the first 11 floors of building, located at 452 Fifth Avenue, for 10 years.
The HSBC building is located on Fifth Avenue between 39th and 40th streets, and comprises two towers with a combined 80,000 square meters ( 865,000 square feet) of space. HSBC Bank will be given a 10-year extension of its current lease, with an option to renew beyond option that.
Rental income for the first year will be $45m. and operating costs $ 18.5m. Koor and Property and Building are both subsidiaries of Israeli holding company IDB Holding Corp (IDBH.TA).
IDB is also the controlling shareholder in Cellcom (CEL.TA) (CEL.N), Israel’s largest mobile phone operator, and Super-Sol (SAE.TA), the country’s biggest supermarket chain.
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