HSBC has agreed to sell the freehold to its US headquarters in midtown New York to IDB, the Israeli conglomerate, for $330m in cash and a 10-year lease commitment.

The sale and leaseback of the 865,000 square feet tower, located at 452 Fifth Avenue, is part of a trend for banks to release cash from their property assets and followed HSBC’s disclosure in April that it was looking for buyers for its headquarters in London, New York and Paris, among other buildings.