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NEW YORK CITY-Locally based Broadway Real Estate Partners closed on its first discretionary fund--a $210-million private equity fund--which has the ability to leverage up to $700 million in investment opportunities over the next several years. Charles Millard, managing director for Broadway, says the firm tends to focus on "high-quality assets in primary markets." He adds that three investments have been made and will be announced within the next week or so.

Investors include domestic and international institutions as well as high net worth individuals and families, many of whom had invested with Broadway previously. "It took nine months to raise money for the fund, which is actually a very good turnaround for a first-time fund," Millard points out.

Scott Lawlor, founder and CEO of Broadway Partners, says the firm has an "extensive transaction pipeline, selectivity in opportunities actively pursued, disciplined underwriting and due diligence processes and broad market relationships." He notes that Broadway specifically seeks office properties that have long-term prospects, but in the short-term may be underperforming.