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| December 06, 2006 |
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| Plots & Ploys: Pursuing Property (WALL STREET JOURNAL) |
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Broadway Real Estate Partners LLC has closed a $590 million real-estate fund that will allow it to buy $1.8 billion of office buildings in major markets across the country.
The fund has already bought 522 Fifth Ave., a 600,000-square-foot tower in midtown Manhattan; Chicago's landmark Rookery Building, at 209 S. LaSalle St.; and 10 Post Office Square, in Boston's Financial District.
The new fund is the firm's second in as many years, and it plans to add a third in 2007, riding the wave of private capital that continues to pour into commercial real estate. The flood of money makes it easy to raise a fund but harder to buy real estate, says Broadway Partners Chief Executive Scott Lawlor. "It's a very competitive sector." He says his firm closes about 1% of the deals it looks at.
Since its founding in 2000, the firm has bought almost $7 billion in office properties and earned an internal rate of return of 40%, according to Mr. Lawlor.
December 6, 2006; Page B4 |
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