Dell-affiliate BDT & MSD Partners takes control of 1540 Broadway, was former lender, $237M transfer

The affiliate of Michael Dell’s family office, BDT & MSD Partners through the entity Msd Rcof Partners Cxviii, LLC acquired control of the office condominium unit at 1540 Broadway in Times Square, Manhattan, from Edge Fund Advisors and an HSBC fund, through the entity Spusv5 1540 Broadway Acc Co, LLC. The transaction was valued at $237.5 million, and at the same time BDT & MSD Partners took responsibility for a loan currently valued at $358 million, secured by the building, and held by Apollo Global Management.

The Commercial Observer reported yesterday that GFP Real Estate was leading a $150 million amenities renovation for the property, in partnership with BDT & MSD Partners.

It is unclear from the filings how the $237.5 million price relates to the $358 million loan. BDT & MSD Partners and Apollo Global Management were the prior lenders.
The transfer closed on December 31, 2025 and was recorded on January 7, 2026. The property has 713,211 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $333 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Edge Fund Advisors and HSBC Alternative Investments Ltd. (HAIL) acquired the remaining 51 percent of the property in 2011, and in 2022 they borrowed $540 million ($445 million senior first mortgage) from MSD and Apollo.

The property

The office condo in Times Square has 713,211 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 713,211 square feet. The city-designated market value for the property in 2022 is $281.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 24, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Times Square, The majority, or 58 percent of the 10.1 million square feet of commercial built space are office buildings, with hotel buildings next occupying 30 percent of the space. In sales, Times Square has the 42nd highest sale turnover among other neighborhoods in Manhattan with $32.5 million in sales volume in the last two years. For development, Times Square has 1.4 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 21 commercial properties representing 1,506,902 square feet of the 1,761,684 square feet. The largest owner is Beacon Capital Partners, followed by Abu Dhabi Investment Authority and then Chartres Lodging Group.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 1.8 million square feet of built space are office buildings, with hotel buildings next occupying 31 percent of the space.

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