Fortune
The lease is the latest positive development for BroadwayPartners since the firm purchased 340 Madison Ave. in November 2006on behalf of its Broadway Partners Value-Added Fund II, whichtargets value-added opportunities in the office sector in primaryNorth American markets. Since the acquisition, the firm hassucceeded in steadily increasing both occupancy and rents,according to a company statement.
When purchased, the property was slightly more than 40%occupied, according to the firm. In 2007, a mid-rise floor of"pre-builts" was leased. Most of the high-rise portion of thebuilding was filled through a long-term lease for approximately100,000 sf signed with National Financial Partners. In addition,several existing tenants have expanded.
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