Innovo Property Group agreed to acquire HSBC Tower from Property & Building Corp. Ltd. (TASE:PTBL) for $860 million on December 5, 2021. Walker & Dunlop stepped in after a proposed sale fell through in May to arrange a refinance on behalf of the property's owner, PBC.

The team quickly identified JP Morgan Chase as the optimal lender to secure a floating rate refinance of the 885,000-square-foot office property. The financing will enable PBC to retire existing debt and fund future capital expenditure and leasing costs as they reposition the asset. Completion of the sale is expected by April 1, 2022 subject to Innovo's right to advance the date while also receiving options to postpone the completion twice for 30 days each.