 |
| December 06, 2006 |
|
| BROADWAY PARTNERS CLOSES ON $590 MILLION INVESTMENT FUND |
| BROADWAY’S SECOND FUND |
|
NEW YORK, NY, December 6, 2006 – Broadway Real Estate Partners, LLC (Broadway Partners), a national private real estate investment and management firm headquartered in New York, announced it has closed on a new $590 million private equity fund. The fund targets value-added opportunities in the office sector in primary North American markets.
“The final closing of this fund is a significant step in our continued growth as a firm, and our ability to compete for and acquire high quality properties on behalf of our investors,” said Scott Lawlor, founder and CEO of Broadway Partners. “Coupled with the depth of our financial, leasing and operational expertise, it allows us to identify and acquire desirable assets, add value to them, and generate strong risk-adjusted returns.”
Marketing for this fund began in the first quarter of the year. Approximately half the final amount raised had been closed by August. With the amounts raised in early closings, the fund has already been able to acquire four assets: The Rookery in Chicago, Ten/10 Post Office Square in Boston, and 522 Fifth Avenue and 340 Madison Avenue in Manhattan.
“With our current pipeline and deals under agreement,” Lawlor said, “we feel confident that we will be able to put our investors’ equity to work quickly in attractive opportunities.”
Broadway Partners’ first fund closed in September 2005. A $210 million private equity fund, with leverage, it has completed over $750 million in investment opportunities.
Broadway Partners’ successful track record can be attributed to its extensive transaction pipeline, selectivity in opportunities actively pursued, disciplined underwriting and due diligence processes, and broad market relationships. Broadway specifically seeks office properties that have long-term prospects for out-performance due to inherent leasing or physical attributes, but that in the short-term may be underperforming.
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.
# # # |
Print Page
Email
Back
