Commenting on the refinancing transaction, Scott Lawlor, chiefexecutive officer of Broadway Real Estate Partners, says the dealresulted in "significant proceeds" to the equity investors ofPickwick Plaza. "When we acquired Pickwick Plaza in 2000 weforecast a potential refinancing in 2006 that would return 60% ofinvested capital. Successful leasing renewals and an opportunity inthe debt market enabled us to accomplish this refinancing two yearsearlier then expected, at better debt rates, and at higherproceeds."

Broadway Real Estate Partners used the new debt proceeds toredeem $88 million of existing debt. In addition, the firm provideda distribution to equity investors of approximately $29 million.Broadway officials estimated that came out to approximately $92,500for every $100,000 originally invested. Lawlor adds, "We expectthat it will continue to appreciate and generate extraordinaryreturns. Our investors couldn't be in a better position as they nowown the asset without any original capital at risk."

Pickwick Plaza is a three-building office campus located at 50Mason St. Tenants at the complex include: General Atlantic, MerrillLynch, Morgan Stanley and Chase Manhattan. Broadway Real EstatePartners was founded in 1999. Since 2000, the firm has acquired 4.3million sf of office space, valued at more than $1 billion.