Broadway Partners now officially owns the New York Daily News building.
The increasingly active landlord closed on the 14-story building located at 450 West 33rd Street today, according to a press release. The Observer reported back in February that the building went to contract. The sale price was $664 million.
The home of the Daily News has approximately 1.6 million square feet of office space. The paper is not the only news source in residence either: Other tenants include the Associated Press, Channel 13 and U.S. News & World Report.
The full press release is below.
BROADWAY PARTNERS ACQUIRES 450 W. 33RD STREET IN MANHATTAN
1.6-MILLION-SQUARE-FOOT BUILDING LOCATED IN HEART
OF RAPIDLY-GROWING HUDSON YARDS AREA
NEW YORK, NY, JUNE 19, 2007 – Broadway Partners, a national private real estate investment and management firm headquartered in New York, today announced that it has acquired 450 West 33rd Street in Manhattan. With over 1.6 million square feet and major media and retail office tenants that include the Associated Press, the Daily News, Coach, and Barney’s, the property is located in the growing Hudson Yards area of Midtown Manhattan and is one of only eight office buildings in the borough to offer over 100,000 square feet of contiguous space on a single floor.
“This high quality asset is ideally situated to benefit from the transformation underway in the Hudson Yards Waterfront/Penn Station area” said John Rivard, a principal of Broadway Partners. “The submarket is poised to become one of the most dynamic sections of Midtown Manhattan and we believe our investors will realize strong, risk-adjusted returns on their investment.”
450 West 33rd Street was purchased by Broadway Partners Real Estate Fund II, which targets value-added opportunities in the North American office market. Other Fund II properties include: 340 Madison Avenue and 522 Fifth Avenue in New York City; Citigroup Center and 1888 Century Park East in Los Angeles; 10 Universal City Plaza in Universal City; John Hancock Tower and Ten/10 Post Office Square in Boston; 1615 L Street and 2445 M Street in Washington, D.C.; The Rookery in Chicago; and One City Centre in Houston.
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.
For more information, contact Jonathon Yormak, Chief Operating Officer, Broadway Partners, 212-810-4013, jyormak@broadwaypartners.com, or Josh Epstein, Senior Vice President, Linden Alschuler & Kaplan Public Relations, 212-575-4545, jepstein@lakpr.com.
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