NEW YORK CITY-After acquiring a 49% stake in 1540 Broadway late last year, HSBC Alternative Investments Ltd. and Washington, DC-based real estate investment firm EDGE Fund Advisors have now taken title here, acquiring the remaining 51% from CBRE Investors in the 44-story Times Square office tower. In conjunction with the deal, EDGE CEO Mark Keller tells GlobeSt.com that the JV also closed on a $350 million refinancing of the property with Metropolitan Life Insurance Co.

While Keller could not disclose the price of the transaction due to confidentiality agreements, data from Real Capital Analytics shows that the JV acquired the 49% interest in the building from CBREI in November 2010 for $520 million.

“We had certain rights from the 49%, we refinanced the property with MetLife and those two things came together,” Keller says, explaining that strong investor demand for class A space prompted the purchase. “CBREI, the owner of the 51%, and our 49% thought it was a good time to invest certainly because of the interest rates in the market. All those things came together to execute the transaction.”