HSBC clients in US office deal
Private banking clients of HSBC, Europe's biggest bank, have paid £126m for a 90 per cent stake in an office building in Washington DC's central business district from Canada's Brookfield Properties.
The fully occupied property on 1625 Eye Street, located two blocks from the White House, has 370,000 square feet of offices and 15,000 square feet of retail space, HSBC Alternative Investments and HSBC Private Banking said on Monday.
HSBC Alternative Investments, which acted through US real estate investment firm Edge Fund, said Brookfield would retain a 10 per cent interest.