HOME OF NEW YORK DAILY NEWS SELLS TO JOINT VENTURE

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NEW YORK CITY — A joint venture between HSBC Alternative Investments Limited and Edge Fund Advisors has purchased 4 New York Plaza, a 1.1 million-square-foot office tower in lower Manhattan. Virginia-based investment firm Harbor Group International was the seller. Industry sources value the transaction at about $270 million, including debt. Harbor Group acquired the property for $107 million in 2010 from JP Morgan, when the building was 75 percent occupied. The current occupancy is 95 percent and tenants include New York Daily News, U.S. News and World Report and American Media. The building is located on the southeast corner of Water and Broad streets.

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