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HOUSTON-A New York City-based investment company has acquired the 590,700-sf One City Centre in the CBD. Formerly known as First City Main, the purchase price on the class A building was undisclosed, but sources peg the trade at $194 per sf or close to $115 million.

Broadway Partners LLC has acquired a 29-story building, with occupancy hovering 95%, from 1021 Main Street Properties LP, a joint venture of McCord Development of Houston and AEW Capital Management LP of Boston. Constructed in 1961, the class B building and two parking garages at 1021 Main St. underwent a $20-million renovation in 2004.

Once the tallest structure on the city’s skyline, the high rise’s tenants include Waste Management Inc., Electronic Data Systems and Plains Exploration & Production Co. With the sale, locally based Transwestern has taken the leasing reins from Navisys Group of Houston, which was quoting $16 per sf to $21 per sf on an annual basis for the open space.

“This is a well-located asset in a thriving market–it presents considerable strategic opportunity for us and our investors,” James Hennessy, Broadway’s acquisitions director, says in a press release about the deal. Broadway declined to be interviewed for the story.

Reports in the past year have pointed to a Downtown that has sparked investor interest. Many industry experts believe the trend will continue as office space becomes scarcer, putting upward pressure on rents for class A and B buildings. As a result, investor interest is predicted to rise. Just recently, the 519,746-sf One and Two Eldridge Place, situated at 757-77 N. Eldridge Pkwy., also drew $194 per sf, with the final check racking up $101 million for the seller.

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