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Posted: August 4, 2008
Broadway Partners acquires One City Centre in Houston for $131m
Broadway Partners has completed the sale of One City Centre to Behringer Harvard REIT I, Inc. for $131 million. Upon taking ownership of the class A property, Broadway embarked on a program to attract new tenants and retain existing tenants for the long-term in order to increase occupancy and value. Broadway succeeded in raising occupancy from 82.2% to 95.5%, and placed a 181,000 s/f 10-year lease extension with Waste Management, Inc. that will keep the company at One City Centre through 2020. One City Centre is a 31-story, 608,622 s/f office tower. Representing the Broadway in the transaction was Robert Williamson of Holliday Fenoglio Fowler.
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