The 1.65-million-sf office and retail complex is located atLexington Avenue and 53rd Street. It was built in 1979. Additionalterms of the purchase were not disclosed. Boston Properties did notrespond to a request for comment by deadline.

"We want to take advantage of the appreciation that trophyproperties have realized and redeploy this capital to mineopportunistic real estate investments for greater returns," saysEric Hadar, CEO of Allied Partners. Hadar and Robert Vahradian,president of Allied Partners, add that the company has earmarked$500 million in principal equity for investment in real estate.

The firm plans to focus on existing properties, real estatedevelopment and mezzanine lending here and other major metropolitanmarkets. The firm owns approximately two million sf of office,retail, multifamily and hotel properties primarily in the New Yorkarea. Its holdings include 568 Broadway, 95 Wall St., 50 West 40thSt. and Woodbury Centre.