Surprise. Broadway Partners and Beacon Capital Partners finally announced the deal The Observer reported first two months ago.
The portfolio buy includes 24 national buildings and two city prizes: 237 Park Avenue and 100 Wall Street.
BROADWAY PARTNERS CLOSES ON PURCHASE
OF BEACON CAPITAL PORTFOLIO
24 PRIME OFFICE BUILDINGS LOCATED IN KEY MARKETS NATIONWIDE
NEW YORK, NY, MAY 16, 2007 – Broadway Partners, a national private real estate investment and management firm headquartered in New York, today announced that it has acquired a 24-building national portfolio from a real estate investment fund sponsored by Beacon Capital Partners, LLC, a national private real estate and investment firm headquartered in Boston.
The portfolio was purchased by Broadway’s recently-closed Broadway Partners Real Estate Fund III, L.P., which targets value-added opportunities in the North American office market. The office buildings purchased from Beacon Capital include the 1.2 million-square-foot Park Avenue Atrium in Manhattan, the four-building Bay Colony Corporate Center in Waltham, Massachusetts, the 43-story One Sansome Street in San Francisco, 1000 Wilshire Boulevard in Los Angeles, and Greensboro Park in Tysons Corner, Virginia.
The Beacon Capital portfolio is the latest acquisition by Broadway Partners. Other recent purchases have included 340 Madison Avenue in Manhattan, 701Gateway Boulevard in South San Francisco, and One City Centre in Houston.
About Broadway Partners
Broadway Real Estate Partners, LLC is a private national real estate investment and management firm headquartered in New York City with regional offices in Los Angeles and Chicago. Its partners represent a cross section of domestic and international private and institutional investors. The firm invests in high quality office properties in select markets nationwide. Since 2000, Broadway Partners has purchased or contracted to purchase office properties with a value in excess of $14 billion.
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