Two down, one to go as partners offload assets.Broadway Real Estate Partners and Investcorp, the global investment group, announced the sale of 1979 Marcus Avenue, a 348,000 s/f Class A office complex located in Lake Success, New York Lake Success is a village in Nassau County, New York in the United States. The population was 2,797 at the 2000 census. The Village of Lake Success is in the Town of North Hempstead on northwest Long Island. . Broadway Partners initially acquired 1979 Marcus Avenue in 2001. In 2004, Investcorp purchased a 50% equity stake in a three-asset, one million-square-foot suburban 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 office portfolio, as part of its recapitalization by Broadway. The announcement follows shortly after the sale of Three Huntington Quadrangle quadrangle Rectangular open space completely or partially enclosed by buildings of an academic or civic character. The grounds of a quadrangle are often grassy or landscaped. in Huntington, New York--the first sale from this three-asset portfolio--announced on July 26, 2005. Currently, the third, and final asset in this portfolio, the Saxon Woods Corporate Center, a 236,000 s/f complex in Westchester County, New York '' Westchester County is a primarily suburban county located in the U.S. state of New York with about 950,000 residents. It is part of the New York Metropolitan Area. It was named after Chester, in England, and the county seat is White Plains. , is also being marketed for sale. Significant leasing accomplishments for the partners over the approximately two-year holding period included the renewal of IPRO IPRO Island Peer Review Organization , the building's largest tenant, along with the several new leases with Raytel, Flushing Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , Sonomed, New World Funding, and others. Upon the time of sale, the property was 95% occupied. Broadway Real Estate Partners has served as the complex's asset managerand property manager. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. served as the property's leasing agent, and the Metropolitan Area Capital Markets Group of Cushman & Wakefield represented Investcorp and Broadway in this sale transaction. Peter Petron, a principal with Investcorp, said, "With two highly successful sales achieved in the portfolio we share with Broadway, we have generated strong returns for our investors. We are delighted with the leasing and financial accomplishments of our joint venture with Broadway to date and we are optimistic about going forward." Jonathon Yormak, CO0 of Broadway Partners, added, "As with the sale of our Three Huntington Quadrangle property, this successful transaction is based on the achievement of our investment objectives with this particular asset. We are proud that we were able to fully execute our value-added strategy and that our efforts led to strong asset appreciation. The sale of these assets has enabled us to achieve our foremost goal of delivering superior yields to our private and institutional investors." |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion