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| June 20, 2006 |
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| BROADWAY PARTNERS ANNOUNCES LONG TERM LEASE OF 522 FIFTH AVENUE TO MORGAN STANLEY |
| Demand in the Midtown Manhattan area continues to be greater than supply |
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NEW YORK, NY (JUNE 20, 2006) — Broadway Real Estate Partners, LLC (Broadway Partners), a national private real estate investment and management firm, has announced it has signed a long term lease with Morgan Stanley to occupy its entire 522 5th Avenue property, a 600,000 square foot Class A office building on the corner of 44th Street and Fifth Avenue in Midtown Manhattan.
This announcement is made simultaneously with the announcement of Broadway Partners’ acquisition of the property.
Scott Lawlor, Broadway Partners’ founder and CEO, noted, "We are extremely pleased to make this announcement. Broadway’s underwriting of the acquisition of this property was based on our view that the demand for large blocks of Class A midtown space was far greater than the supply. We believed therefore that we would be able to lease the property rapidly to a desirable tenant. Completing that arrangement with Morgan Stanley before the actual closing of our acquisition of this asset exceeded our expectations and allows us to generate positive returns for our investors. “
For more information, contact Charles Millard, Managing Director, Broadway Partners, 212-810-4023, cmillard@bwaypartners.com.
About Broadway Real Estate Partners
Broadway Real Estate Partners, LLC is a private national real estate investment and management firm headquartered in New York City. 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 over seven million square feet of office space with a value in excess of $2.2 billion.
For more information, contact Charles Millard at Broadway Partners’ New York headquarters at 212.810.4023 or visit www.bwaypartners.com. |
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