NEW YORK CITY-Brookfield Office Properties and Broadway Partners are forming a joint venture to recapitalize the ownership of the 1.6-million-square-foot office property at 450 W. 33rd St. Terms were not disclosed; a spokesman for Broadway Partners declines comment beyond what is contained in a statement from the two companies.

The Wall Street Journal reported on Thursday that BOP will put in relatively little equity but will be on the hook for the mortgage that comes due about a year from now. Broadway Partners paid $664 million for 450 W. 33rd in June 2007, taking out a $365-million mortgage, according to city property records, and will retain a minority stake in the property, according to the WSJ.

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