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NEW YORK CITY-Locally based Monday Properties has formed a joint venture with Boston-based Beacon Capital Partners to recapitalize 237 Park Ave. The transaction marks Beacon's first investment here.

The companies now share ownership of the 1.2-million-sf class A office property. Monday s serves as the managing partner and leasing agent which is located between East 46th and East 47th streets. Financial terms of the arrangement were not released, however. Monday--then known as Max Capital-- acquired the site in 2003 for $455 million. Monday executives initiated the venture in direct negotiation on behalf of its prior partners.

Alan M. Leventhal, chairman and CEO of Beacon, says the firm is "committed to a growing portfolio" here. Tenants include J Walter Thompson, Credit Suisse Asset Management, Warburg Pincus and Revlon. Space is advertised for $62 per sf.