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HOUSTON-Broadway Partners LLC has entered into an agreement to sell the 608,622-sf One City Centre. The company, which acquired the class A office building in February 2007, began marketing the building while negotiating a 181,000-sf lease renewal for one of its main tenants, Waste Management Inc.

The sales price isn’t available. However, sources point out that Broadway Partners spent $115 million to acquire the class A, 31-story building at 1021 Main St. The Harris Central Appraisal District has 1980-era building assessed at $107.4 million.

Robert Williamson, managing director in Holliday Fenoglio Fowler LP’s Houston office, expects the deal to close by the end of June. He says the buyer is assuming Broadway’s financing, but the identity is being kept under wraps until the deal is done. All that he’ll say is “the buyer is an out-of-town buyer with other assets in the area.” The HFF marketing team included managing director Jeffrey Hollinden and associate director Barbara Guffey.

Jonathon Yormak, principal with Broadway Partners, says the company has met all the goals that were set when the asset was acquired. “One of our goals when we bought the building was to renew Waste Management,” he tells GlobeSt.com. “We were hopeful that, with the right incentive, they’d be interested in renewing early.” He says the original lease expired in 2010. Transwestern executive vice presidents J. David Baker and Eric Anderson represented the owner for the lease talks.

Yormak says Broadway Partners’ value creation methods for One City Centre included filling vacancies and minimal cosmetic upgrades. The building’s occupancy was about 90% occupancy when it was acquired, but it now tops 95%. “We reached our goals on this much quicker than we’d expected,” he says. “The market fundamentals were excellent in that demand tightened, rates rose and we had a well-priced product on the market.”

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