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| March 14, 2007 |
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| BROADWAY PARTNERS ACQUIRES 701 GATEWAY BOULEVARD IN SAN FRANCISCO |
| 170,000-SF CLASS A OFFICE BUILDING IN HEART OF SOUTH SAN FRANCISCO’S LIFE SCIENCE CORRIDOR |
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NEW YORK, NY, MARCH 14, 2007 – Broadway Partners (“Broadway”), a national private real estate investment and management firm headquartered in New York, announced today that it has acquired 701 Gateway Boulevard, a 170,000-square-foot office building in South San Francisco.
“This is a great building in a strategic location. Along with our current ownership of 801 Gateway, this acquisition gives Broadway a strong presence in and exposure to a very exciting and attractive submarket,” said Scott Sorensen, Director of Acquisitions for Broadway. “This increases our ability to generate solid risk-adjusted returns for our investors.”
701 Gateway Boulevard is located in the heart of South San Francisco’s life science corridor. Completed in 1999, it offers tenants, which include Actuate, San Mateo Health and Solstice Neuroscience, excellent accessibility to intellectual capital, local transportation hubs, hotels, restaurants and other amenities and close proximity to Downtown San Francisco. Broadway Partners also owns 801 Gateway, which it acquired about one year ago.
The purchase of 701 Gateway Boulevard follows Broadway’s recent acquisition of One City Centre, a 590,000-square-foot office building in Houston, and a 10-building national portfolio from Beacon Capital Partners that included buildings in Boston, Los Angeles, Washington, D.C. and Denver. Other recent purchases by Broadway have included 340 Madison Avenue and 522 Fifth Avenue in New York City, The Rookery in Chicago and Ten/10 Post Office Square in Boston.
The firm has retained Mike Moran, Clarke Funkhouser and Kevin Waldman of NAI BT Commercial to handle leasing.
About Broadway Partners
Broadway Partners 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 $10 billion.
For more information, contact Charles Millard, Managing Director, Broadway Partners, 212-810-4023, cmillard@bwaypartners.com, or Josh Epstein, Senior Vice President, Linden Alschuler & Kaplan Public Relations, 212-575-4545, jepstein@lakpr.com. |
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