However, that changed today when the New York-based investment and management firm announced its acquisition of 500 West Monroe Street in Chicago. The 46-story, 973,100-square-foot property, whose tenants include GE Capital and Marsh and McLennan, boasts the largest in-building parking garage in the Windy City, according to a press release.
Broadway Partners has been one of the most active real estate investment firms in the country over the last year. In March, news came of a deal with Beacon Capital Partners for a portfolio of an astounding $5 billion in property across the country, including the two Manhattan trophies, 237 Park Avenue and 100 Wall Street. The transaction had tongues wagging, largely because it dwarfed the $3.3 billion deal that Broadway Partners closed with Beacon in late-2006.
The company, started by Scott Lawlor in 1999, recently made headlines when it sold 660 Madison Avenue in June for $375 million or $1,471 per square foot–which, at the time, set the record for the highest sales price per square foot in the country. Just two months later, however, that record was broken when 450 Park Avenue was sold for $1,589 per square foot.
The full release about the Chicago buy is below.
BROADWAY PARTNERS ACQUIRES
500 WEST MONROE STREET IN CHICAGO
973,100-SQUARE-FOOT BUILDING LOCATED IN HEART
OF RAPIDLY-GROWING WEST LOOP AREA
NEW YORK, NY, JULY 16, 2007 – Broadway Partners, a national private real estate investment and management firm headquartered in New York, today announced that it has acquired 500 West Monroe Street in Chicago. The Class A, 46-story, 973,100-square-foot property boasts a strong tenant roster that includes GE Capital and Marsh and McLennan.
The property is located in the dynamic and growing West Loop section of Chicago and is within one block of the area’s two major commuter stations. It is the tallest building west of the Chicago River, giving it some of the best views of any office property in the city. There will be 125,000 square feet of contiguous space at the top that will become available in November of 2008. The property also contains the largest in-building parking garage in Chicago.
“The vacancy rate for Class A buildings in the West Loop is rapidly declining and there is a shortage of high-quality space. At the same time, rent growth is strong, making the timing of this purchase ideal,” said James Hennessy, Broadway’s Director of Acquisitions for the Midwest Region. “We are very excited about the opportunity this asset presents.”
500 West Monroe Street was purchased by Broadway Partners Real Estate Fund III, which targets value-added opportunities in the North American market. Other Fund III properties include: 100 Wall Street and the Park Avenue Atrium in New York City; One Sansome Street, 50 Beale Street, 100 California Street, and 120 Howard Street in San Francisco; 701 Gateway in South San Francisco; 1000 Wilshire and Figueroa Plaza in Los Angeles; 200 State Street and 116 Huntington Avenue in Boston; Bay Colony Corporate Center in Waltham, Massachusetts; and Greensboro Park in Tysons Corner, Virginia.
About Broadway Partners
Broadway Partners 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 $15 billion.