The two tower class A office building, located in the heart of Midtown, consists of one 31-story building and one 43-story building, with a 14-story mid-rise connecting both towers. The building was built in 1961 and split into the east tower and west tower seven years later. The complex houses an impressive, diverse roster of tenants that include Deutsche Bank, Credit Suisse First Boston, the National Football League and Investcorp. Investcorp operates its US Real Estate, Private Equity, Hedge Fund, and Technology Investment activities in 51,000 sf on five floors at this location.

"This building, ideally located at the corner of 48th Street and Park Avenue in Midtown, offers tenants convenient access to restaurants, hotels, shopping, and public transportation, and is within a well-established corporate submarket where many of the world's largest companies have chosen to locate their global headquarters or the base of their US operations," notes Jonathan Dracos, co-head of Investcorp's real estate group in a prepared statement. "Our investment in this top-tier property is a perfect example of how Investcorp works with 'best in class' operating and investment partners to acquire superior assets with an opportunity for value enhancement." Dracos further explains that "with its fully integrated acquisition, asset management, leasing and property management platform, Broadway is well-equipped to provide the expertise and oversight necessary to maximize return on this important investment."

Scott Lawlor, CEO of Broadway Partners, says in the statement that the company is delighted to team up with Investcorp on another transaction. "280 Park is a great asset and is a valuable addition to our portfolio of trophy office properties in New York, Boston, Chicago, Los Angeles, San Francisco, Washington, DC, and elsewhere," he says. "We believe that 280 Park Ave. has the potential for long-term out-performance and the ability to deliver strong, risk-adjusted returns for our investors."

Investcorp's acquisition of 280 Park Avenue follows other major announcements by the group this year, including its investment in the Bravern, a 1.6-million-sf mixed-use development project in Bellevue, WA, the acquisition of a portfolio of full-service hotels in the southeastern and Midwestern US for $118 million as GlobeSt.com previously reported, and the opening of the group's West Coast investment office in Los Angeles.