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Broadway Partners Shedding 2M SF of Office

BOSTON-Broadway Real Estate will shed seven high-profile properties in New York City, Los Angeles, Chicago and Greater Boston.

By Beverly Ford | Updated on January 20, 2007

BOSTON-Just three weeks after acquiring the Back Bay’s landmark John Hancock Tower, New York City-based Broadway Real Estate Partners has put a 2.5-million-sf, seven-property portfolio on the market.

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.

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