A syndicate of HSBC Private Banking clients along with HSBC Alternative Investments have acquired 90 per cent of a major property in Washington DC in a deal worth $203.4 million.

The divisions of HSBC, the UK-listed bank, acquired the interest in 1625 Eye Street, which is located two blocks from the White House, and comprises 370,000 square feet of office space, 15,000 sq ft of retail space, and other facilities.

Edge Fund – a Washington, DC-based real estate investment advisor and asset management firm acted on behalf of HSBC Alternative Investments Limited.  The property was secured from Brookfield Properties Corporation, which retains a 10 per cent interest in the venture, and will retain property management and leasing responsibilities at the building.

“This transaction perfectly demonstrates HSBC Private Bank’s ability to ‘open doors’ for its clients.  This syndicate purchase would have been an impossibility for our clients acting   individually,” said Chris Allen, chief executive of HSBC Private Bank’s alternative investments division.