237 Park Avenue tempts Beacon into NYC market.

Monday Properties, a New York-based development, ownership and management company, has announced that it has entered into a joint venture with Beacon Capital Partners to recapitalize re·cap·i·tal·ize
tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es
To change the capital structure of (a corporation).

re·cap the 1.2 million-square-foot 237 Park Avenue.

Monday Properties initiated the venture with Beacon Capital Partners in direct negotiation on behalf of Monday's prior partners. The company now shares ownership of the Class A office property with Beacon Capital Partners.

Monday Properties serves as the managing partner and leasing agent for 237 Park Avenue, which is located on Park Avenue between East 46thand East 47th Streets. "This transaction represents Beacon Capital's first investment in the New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of market," said Anthony Westreich, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of Monday Properties.

"We are proud to partner with such a talented and experienced company in the ownership of one of our signature office properties in Manhattan."

"We are pleased to establish our presence in Manhattan by investing with one of the city's premier real estate companies," said Alan M. Leventhal, chairman and CEO of Beacon Capital. "New York's office market is one of the strongest in the nation, and we are committed to a growing portfolio there. Monday Properties is a good operating partner for us. We share a respect for real estate fundamentals and see opportunities for more investments together."

Tenants at 237 Park Avenue include J Walter Thompson Walter Thompson refers to:

Walter H. Thompson, bodyguard of Winston Churchill for eighteen years between 1921 and 1945.
Walter P. Thompson, President of the University of Saskatchewan 1949-1959.

, Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Asset Management, Warburg Pincus Warburg Pincus is a private equity firm with offices in the United States, Europe and Asia. It has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, and invests in a range of industries including information and and Revlon.

COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.

Reader Opinion

Article Details
Printer friendly Cite/link Email Feedback
Publication:	Real Estate Weekly
Date:	Aug 31, 2005
Words:	229
Previous Article:	Firm sells Great Neck building.
Next Article:	Team players are looking to invest in hot Harlem market.
Topics:	Commercial real estate

Related Articles
GCP Capital Group LLC.
GCP Capital Group LLC.
Architects' museum design wins award for excellence.
Monday signs bumper renewal at 237 Park Ave.
Monday closes deal for 20,600 s/f lease.
High fliers spread their wings at 230 Park Ave.
UBS takes 59,000 s/f at 237 Park.
Investment firm makes long-term commitment to 237 Park.
Jumbo Bear Sterns lease takes 237 Park to 99% occupancy.
Monday signs 107,000 s/f extension with Bear Stearns.