|December 28, 2006
|BROADWAY PARTNERS CLOSES ON PURCHASE OF BEACON CAPITAL PORTFOLIO
|TEN PRIME OFFICE BUILDINGS LOCATED IN KEY MARKETS NATIONWIDE
|NEW YORK, NY, December 28, 2006 â€“ Broadway Partners, a national private real estate investment and management firm headquartered in New York today announced that the company has acquired a 10-building national portfolio from Beacon Capital Partners, LLC, a national private real estate and investment firm headquartered in Boston.
The portfolio was purchased by Broadwayâ€™s recently-closed $590 million fund targeting value-added opportunities in the North American office market.
â€œThis is a significant group of marquee properties in highly desirable markets that we are confident will deliver strong risk-adjusted returns to our investors,â€ said Scott Lawlor, founder and CEO of Broadway Partners. â€œWe seek well-located, high quality properties and that is what we have acquired from Beacon. The whole Beacon team has been highly professional and we are very pleased with every aspect of this transaction.â€
The portfolio of office buildings purchased from Beacon Capital includes the 60-story John Hancock Tower in Boston, which was designed by I.M. Pei and Henry Cobb; the 900,000-square-foot Citigroup Center at 444 South Flower Street in Los Angeles; 1615 L Street NW and 2445 M Street in Washington, D.C.; 1888 Century Park East and 10 Universal Plaza in Los Angeles; 200 Berkeley Street, the Stephen L. Brown Building located at 197 Clarendon Street, and 501 Boylston Street in Boston; and Bank One Tower in Denver.
â€œWe look forward to utilizing our expertise in leasing, property and financial management to increase the value of these prime properties,â€ Lawlor said.
The Beacon Capital portfolio is the latest asset acquired by Broadway Partners. Other recent purchases have included The Rookery in Chicago, Ten/10 Post Office Square in Boston, and 522 Fifth Avenue and 340 Madison Avenue in Manhattan.
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 $6.6 billion.
For more information, contact Charles Millard, Managing Director, Broadway Partners, 212-810-4023, firstname.lastname@example.org, or Josh Epstein, Vice President/Senior Account Manager, Linden Alschuler & Kaplan Public Relations, 212-575-4545, email@example.com.