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Posted: July 8, 2011
Broadway Partners and Brookfield complete recapitalization
According to Broadway Partners, the recapitalization of 450 West 33rd St., a 1.6 million s/f class A office building located in the city's Penn Station submarket, has been completed. As part of the transaction, Broadway and new joint venture partner Brookfield Office Properties have acquired the interests of the property's former part owner.
Under the new joint venture, Brookfield has acquired a majority financial interest, while the two companies will share control of the asset.
Broadway, a New York-based real estate investment and management firm, has had an ownership position in the property since 2007.
Broadway CEO Scott Lawlor said, "This is a strong property, well situated in an up-and-coming submarket. We look forward to working closely with Brookfield's outstanding team to maximize the asset's significant upside potential."
Howard Michaels of The Carlton Group acted as financial advisor to Broadway.
Broadway Partners is a private national real estate investment and management firm headquartered in New York City. Its partners represent a cross section of domestic and international private and institutional investors. Since its founding, the firm has invested in approximately $15 billion in high-quality office properties in select markets nationwide.
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada and Australia. Its portfolio is comprised of interests in 109 properties totaling more than 78 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and City Square in Perth. The company's common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.
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