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May 26, 2010

Wow. Edge Fund Advisors, acting on behalf of HSBC Alternative Investments Limited (HAIL) and a syndicate of HSBC (HSBA.L – Europe’s biggest bank) Private Banking Clients, have bought another office building right smack-dab in the centre of Washington DC…. for $209.2 million bucks…

The Wall St. Journal is reporting the 11-story building sold for $209.2 million, or about $550 a square foot.

According to Reuters:

“A club of its private clients acquired the prime building on 1350 Eye Street [sic] from Boston-based Beacon Capital Partners, four months after buying another property on the same street, HSBC Private Bank said in a statement on Wednesday.

The 381,074 square foot property, located within three blocks of the White House, is fully leased to tenants including Johnson & Johnson, Ford, and various law firms under long term lease covenants, it added.”

Earlier in the year HSBC’s clients $203.4 million for a 90 percent stake in 1625 Eye Street from Canada’s Brookfield Properties (BPO.TO). Oh well… shucks for Canada.

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