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NEW YORK CITY-Locally based Broadway Partners has closed on a 24-office building acquisition, purchasing the portfolio from Boston-based Beacon Capital Partners LLC. Broadway is said to have paid $5 billion for the assets.

Broadway’s Real Estate Fund III LP was responsible for the acquisition, which closed out the fund. The portfolio includes Manhattan’s 1.2-million-sf Park Avenue Atrium; San Francisco’s One Sansome St.; Los Angeles’ 1000 Wilshire Blvd.; the Bay Colony Corporate Center in Waltham, MA, which is a four-building complex; and Greensboro Park in Tyson Corner, VA.

For its part, Broadway has been on a recent buying spree picking up a number of key office properties across the US. In December, Broadway paid $3.3 billion for a similarly large portfolio from Beacon, taking 10 office buildings, including Boston’s landmark John Hancock Tower and Los Angeles’ Citigroup Center at 444 S. Flower St. Almost as quickly as Broadway acquired this portfolio it turned around and sold several of the assets in a seven-property sale.

But the firm is not just entering into large portfolio acquisitions transactions; having completed a number of single asset deals in the past couple months. In the middle of March, Broadway paid $66 million for the 170,000-sf 701 Gateway in San Francisco. At the end of February it purchased the 590,700-sf One City Center in Houston for about $115 million; and the 1.7-million-sf 450 W. 33rd St. building for $664 million. Additionally, the company is said to be under contract to purchase Istithmar’s 280 Park Ave. in New York City for about $1.2 billion.

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