Israeli firm to sell HSBC Tower to Innovo Property Group for $855 mn

14 Dec 2021 CW Team

Israel's Property and Building Corp told the media it agreed to sell the HSBC Tower building in midtown Manhattan for $855 million to New York-based real estate company Innovo Property Group, registering a net loss of $45 million.

The Israeli firm, which is 63% held by Discount Investment Corp, said it had also sold the property in Israel for $123 million. The chief executive of both Property and Building and Discount, Doron Cohen, told the media that the management was focusing on income-producing properties in Israel and the amount it was getting from both deals would permit it to advance this policy.

They are continuing the policy and exploring the possibility of realising additional properties in the United States and Israel, Cohen said, citing the sale of the HSBC building came despite "gloomy" predictions over U.S. commercial realty market. He indicated Tivoli Village, an upscale apartment complex in Las Vegas that opened in 2021, which may be put up for sale as part of the firm's efforts to enhance liquidity and decrease debt.

Along with conglomerate Koor Industries, Property and Building, purchased the 30-storey, 80,000 sq m HSBC Tower in 2009 for $353 million. In 2011, Property procured Koor's share in the tower which has an occupancy of 99% HSBC had purchased the building in the 1990s. Property and Building told the media that the value of the HSBC Tower in its books was $864 million as of September 30. After costs, it said it would register a net loss of $45 million from the sale. Completion of the sale is anticipated by 1st April 2022, subject to Innovo's right to advance the date while additionally receiving options to postpone the completion twice for 30 days each.

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Also read: Israeli firm to fund construction of Peripheral Ring Road

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