Search
 

GlobeSt.com EXCLUSIVE: Broadway Partners Looks to Expand Portfolio

GREENWICH, CT-In an investment environment that he terms "insanely competitive," Scott Lawlor of Broadway Partners says his firm is looking to spend between $300 million and $500 million on new office building acquisitions next year.

By John Jordan | Updated on November 12, 2002

GREENWICH, CT-Broadway Partners has been one of the most active commercial office buyers in the New York suburbs in the past two years. The firm’s CEO Scott Lawlor tells GlobeSt.com that his firm hopes to increase its investments significantly in 2003.

The locally based-based firm has spent more than $510 million in the past two years to acquire an office portfolio of approximately 2.4 million sf, located mostly in the New York metro area. Lawlor, who terms the current commercial investment-sales market as “insanely competitive,” says his firm hopes to spend between $300 million to $500 million in new office acquisitions next year. The company is currently focusing on adding office product to its portfolio in Boston; New York; Philadelphia; Washington, DC and Chicago. He says the company is looking for office product priced in the $50-million-and-higher range. “The bigger, the better,” Lawlor says. One of Broadway Partners’ chief goals in 2003 is to enter the Manhattan office market, he adds.

Lawlor notes that Broadway Partners currently has a contract to acquire an office property on Long Island, although he would not divulge the property it intends to acquire. The executive says that Goldman Sachs will finance the deal, which is expected to close next month. The firm’s current–and sole–holding on Long Island is 1979 Marcus Ave., in Lake Success, a 348,000-sf complex.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.