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NEW YORK CITY-Locally based Monday Properties has formed a joint venture with Boston-based Beacon Capital Partners to recapitalize 237 Park Ave. The transaction marks Beacon’s first investment here.

The companies now share ownership of the 1.2-million-sf class A office property. Monday s serves as the managing partner and leasing agent which is located between East 46th and East 47th streets. Financial terms of the arrangement were not released, however. Monday–then known as Max Capital– acquired the site in 2003 for $455 million. Monday executives initiated the venture in direct negotiation on behalf of its prior partners.

Alan M. Leventhal, chairman and CEO of Beacon, says the firm is “committed to a growing portfolio” here. Tenants include J Walter Thompson, Credit Suisse Asset Management, Warburg Pincus and Revlon. Space is advertised for $62 per sf.

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