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| November 16, 2006 |
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| BROADWAY PARTNERS ACQUIRES 340 MADISON AVENUE |
| 750,000 SF CLASS A OFFICE BUILDING IN MIDTOWN MANHATTAN |
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NEW YORK, NY, NOVEMBER 16, 2006 – Broadway Real Estate Partners, LLC (Broadway Partners), a national private real estate investment and management firm headquartered in New York, announced today that it has acquired 340 Madison Avenue, a 750,000-square-foot office building between 43rd and 44th streets in the Grand Central area of Midtown Manhattan.
“This is a very good building in a terrific location with significant upside potential,” said John Rivard, Chief Investment Officer of Broadway. “In addition, the recent extensive renovations to both the interior and exterior make it both an attractive investment for Broadway and our investors and a compelling offering for tenants.”
With 410,000 square feet available for lease, 340 Madison is one of only a handful of buildings in Midtown Manhattan with large blocks of space available for immediate occupancy. Located just one block from Grand Central Terminal, the building’s current tenants include McDermott Will & Emery, MassMutual Financial Group, Fila, Coach and Verizon.
The purchase of 340 Madison comes on the heels of Broadway’s recent acquisition of 522 Fifth Avenue, a 595,000 square-foot vacant office building that was purchased in June 2006 and leased in its entirety prior to the deal closing. 522 Fifth Avenue was acquired by the firm’s Broadway Real Estate Fund II, which recently closed at $590 million. Other assets in that fund include The Rookery in Chicago and Ten/10 Post Office Square in Boston. Broadway also acquired 660 Madison Avenue in Manhattan earlier this year in its first fund.
The firm has retained Mitch Konsker and Matt Astrachan of Cushman & Wakefield to handle leasing.
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, cmillard@bwaypartners.com, or Josh Epstein, Vice President/Senior Account Manager, Linden Alschuler & Kaplan Public Relations, 212-575-4545, jepstein@lakpr.com.
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