Broadway broadcasts $131M One City Centre sale.HOUSTON: Broadway Partners, a national private real estate investment and management firm headquartered in 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 , announced that it has completed the sale of Houston's One City Centre to Behringer Harvard REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). I, Inc. for $131 million. Upon taking ownership of the Class A downtown property, Broadway immediately embarked on an aggressive program to attract new tenants and retain existing tenants for the long term in order to increase occupancy and enhance value. Broadway succeeded in raising occupancy from 82.2% to 95.5%, and recently announced a 181,000 s/f 10-year lease extension with Waste Management, Inc Waste Management, Inc. (NYSE: WMI) is a waste management, comprehensive waste, and environmental services company in North America. The company's network includes 413 collection operations, 370 transfer stations, 283 active landfill disposal sites, 17 waste-to-energy plants, . that will keep the company at One City Centre through 2020. One City Centre is a 31-story, 608,622 s/f Class A office tower sit ting ting n. A single light metallic sound, as of a small bell. intr.v. tinged , ting·ing, tings To give forth a light metallic sound. in the heart of the Houston central business district (CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development ). Located at 1021 Main Street, it faces Main Street Square, which was developed to anchor the CBD's primary METRORail station at the crossroads of the downtown's underground pedestrian tunnel system. Nearby amenities include Foley's, The Shops at Houston Center, and many other retail and restaurant attractions. Broadway Partners founder and 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. Scott Lawlor commented, "We're pleased that we were able to reach agreement on this sale in the face of a very challenging climate for large commercial real estate transactions. Given that this was our only asset in Houston, which is not a core market for us, the sale will help us to refine our portfolio while also supporting the execution of Broadway's overall capital strategy." Representing the Broadway in the transaction was Robert Williamson of Holliday Fenoglio Fowler. Broadway Partners is a private real estate investment and management firm headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with regional offices in Los Angeles and Chicago. Its partners represent a cross section of domestic and international private and institutional investors. Since 2000, Broadway has acquired office properties worth over $15 billion. |
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