Broadway Partners Enters Bay State With $62M Buy

Edward C. Maher, Jr., with Cushman & Wakefield's Capital Markets Group, tells GlobeSt.com that the trio, which totaled more than 475,000 sf, was had at least 14 bidders vying for ownership. "It was a dogfight in the end." Strong pricing and terms along with Broadway Partner's "stellar track record around the country" helped win the company ownership of 100, 200 and 300 Fifth Ave.

David Peretz, vice president of acquisitions for Broadway Properties, tells GlobeSt.com that the investment group plans to invest about $6 million in capital improvements over the next five years. "We've been trying to enter the Boston market for the last couple of years. We're extremely bullish on Boston and are hoping to do a lot more deals in 2006."

Acquired from Boston-based TA Associates Realty, the buildings are set on a total of 13.6 acres in the master-planned, 250-acre park adjacent to Route 128. Each architecturally distinctive, the buildings feature a brick facade with a series of tiered outdoor patios. Built in the 1980s, they are about 80% occupied by 24 tenants that include Lycos, Authoria, Storage Networks, Polaroid and Availant.

"This transaction is a clear example of an opportunistic investor buying a critical mass of prime office space in one of the most fundamentally-sound suburban submarkets in the Northeast," says Maher, who along with Cushman & Wakefield's Capital Markets team of Robert E. Griffin, Jr., and Marci Griffith Loeber, represented the seller and procured the buyer. "With positive absorption, declining vacancy rates and meaningful rental growth, Broadway Partners stands poised to execute some of the most competitive deals in the marketplace." Leasing of the three assets will be handled by Cushman & Wakefield's Mark Roth, Ty Janney and Ben Finnegan.