Broadway Real Estate Pays $21M for Class A Office Building

BOCA RATON, FL- Broadway Real Estate Partners LLC purchased the 128,959-rentable-sf building 1200 Corporate Center 1200 Corporate Place LLC for $20.5 million, or nearly $158.97 per rentable sf. The deal represents Broadway’s first Florida acquisition.Broadway Partners is planning a substantial investment program to upgrade the class A office building, including exterior renovations, lobby upgrade and landscaping improvements. In addition, Broadway Partners intends to enhance the property management systems and initiate a targeted leasing strategy. Financing for the transaction was provided by Lehman Brothers on behalf of Broadway and its equity partners, which included an off-shore institution and private investors.The building is located just north of Downtown at Glades Road and Federal Highway/US 1. It is two blocks north of Mizner Park, a mixed-use project including 268,000 sf of office space, 237,000 sf of retail space and 272 multifamily residential units.Scott J. Lawlor, chief executive officer, Broadway Partners, says in a release “1200 Corporate Place is situated in a high-growth area with outstanding demographics and upside potential. This asset represents an ideal opportunity for a pro-active, value-added operator. We believe 1200 Corporate is the best mid-priced option in the east Boca submarket and the most viable cost-effective alternative to the downtown Boca market.”We also plan to raise awareness of the asset’s executive suites, which is a great option for businesses seeking pre-built, full-service flexible space,” he adds.The building has both national and regional investment-grade tenants, which include Smith Barney, Blank Rome, JP Morgan Trust, Raymond James, Volkswagen and Pan American Bank.Christian R. Lee, senior vice president of CB Richard Ellis; Charles J. Foschini, senior director of LJ Melody & Co.; Richard Tarquinio, first vice president of investment properties for CBRE; and Michael Erickson, first vice president of office properties for CBRE, represented 1200 Corporate Place LLC, which the Government of Singapore and Principal Real Estate Investors own. The four are on the CBRE Florida Capital Markets Team.