New York, NY, June 19, 2008 — Broadway Partners, a national private real estate investment and management firm headquartered in New York, announced today that it has completed the sale of Houston’s One City Centre to Behringer Harvard REIT I, Inc. for $131 million.
Upon taking ownership of the Class A downtown property, Broadway immediately embarked on an aggressive program to attract new tenants and retain existing tenants for the long term in order to increase occupancy and enhance value. Broadway succeeded in raising occupancy from 82.2 percent to 95.5 percent, and last week announced a 181,000-square-foot 10-year lease extension with Waste Management, Inc. that will keep the company at One City Centre through 2020.
One City Centre is a 31-story, 608,622-square-foot Class A office tower sitting in the heart of the Houston central business district (CBD). Located at 1021 Main Street, it faces Main Street Square, which was developed to anchor the CBD’s primary METRORail station at the crossroads of the downtown’s underground pedestrian tunnel system. Nearby amenities include Foley’s, The Shops at Houston Center, and many other retail and restaurant attractions.
Broadway Partners founder and CEO Scott Lawlor commented, “We’re pleased that we were able to reach agreement on this sale in the face of a very challenging climate for large commercial real estate transactions. Given that this was our only asset in Houston, which is not a core market for us, the sale will help us to refine our portfolio while also supporting the execution of Broadway’s overall capital strategy.”
Representing the Broadway in the transaction was Robert Williamson of Holliday Fenoglio Fowler.
