A real estate source familiar with the portfolio sale tells GlobeSt.com that Broadway plans to sell Fund I, which includes several high-profile buildings in New York City, Los Angeles, Chicago and Greater Boston. Among the properties up for grabs is Aon Center, a 1.1-million-sf tower in Los Angeles; a 254,474-sf office building along Madison Avenue in New York City; a 512,354-sf office building in Downtown Chicago; and the 480,428-sf Prospect Hill Office Park in Waltham, MA. Broadway Partners acquired the three-building Waltham property for $62 million in January 2006 in a deal that marked its entry into the Boston market.
Broadway also owns a landmark, 14-story, 440,000-sf office building at Ten/10 Post Office Square in Boston. It was bought in May for $108 million, but it's not on the sale list.
No sale price has been set on the portfolio, the source says, declining as well to place a value on the assets. The sale is being handled by Eastdil Secured LLC of New York City. Cushman & Wakefield's Boston office will assist in the sale of the Waltham property.
In Boston, the portfolio is the second one in a week's time to come to market. Locally based Beacon Capital Partners, which sold the Hancock tower to Broadway in a $3.3-billion, 10-property deal, has brought out 15 assets, totaling 969,000 sf. That portfolio includes the 969,000-sf Bay Colony Office Park in Waltham; 200 State St., a 365,000-sf retail and office building in Boston that Beacon acquired in 2005 for about $141 million; and 116 Huntington Ave., a 14-story, 264,086-sf Back Bay office building. As part of that portfolio, Beacon also plans to sell properties in Virginia, Los Angeles and New York City, including Park Avenue Atrium and 100 Wall St.
Beacon Capital issued a statement saying it has hired Eastdil Secured LLC, Goldman Sachs & Co., and Morgan Stanley & Co. to handle the portfolio sale, but declined further comment. An Eastdil spokesman also declined comment. As for Goldman Sachs, Morgan Stanley and Broadway Partners, telephone calls were not returned by press time.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
