RE Firm Buys $3.3 Billion Portfolio; Purchase Includes Boston's Highest Skyscraper
Broadway Partners, a national private real estate investment and management firm headquartered in New York announced Thursday that the company has acquired a 10-building national portfolio with an acquisition price over $3.3 billion from Beacon Capital Partners, LLC, a national private real estate and investment firm headquartered in Boston. The portfolio was purchased by Broadway's recently-closed $590 million fund targeting value-added opportunities in the North American office market. The portfolio of office buildings purchased from Beacon Capital includes the 60-story John Hancock Tower in Boston, which was designed by I.M. Pei and Henry Cobb; the 900,000-square-foot Citigroup Center at 444 South Flower Street in Los Angeles; 1615 L Street NW and 2445 M Street in Washington, D.C.; 1888 Century Park East and 10 Universal Plaza in Los Angeles; 200 Berkeley Street, the Stephen L. Brown Building located at 197 Clarendon Street, and 501 Boylston Street in Boston; and Bank One Tower in Denver. The Beacon Capital portfolio is the latest asset acquired by Broadway Partners. Other recent purchases have included The Rookery in Chicago, Ten/10 Post Office Square in Boston, and 522 Fifth Avenue and 340 Madison Avenue in Manhattan.