Beacon Capital Partners is in talks to buy a downtown New York office building through a joint venture with a New York-based real estate owner and developer.
The venture between the Boston-based private real estate investment firm and L&L Holdings has entered into a tentative agreement to acquire the 756,138-square-foot office building at 222 Broadway from Bank of America for $230 million, according to information from data provider Real Capital Analytics. Beacon Capital and L&L declined to comment.
A spokeswoman for Bank of America told PERE that a tentative agreement has been signed and all three parties are looking to close the deal “very quickly.” Jones Lang LaSalle is representing the seller in the transaction.
Bank of America currently occupies 590,000 square feet in the 31-storey building. The sale is part of the bank’s current strategy to sell its ownership interests in a number of its non-core assets. For example, it was announced in March that Bank of America sold 100 Federal Street in Boston to Boston Properties for an aggregate investment of approximately $615 million.
Beacon Capital has been on a buying spree of late. Last August, it was reported that the firm bought 14 office properties from the Australian real estate investment trust, Charter Hall Office REIT, in a $1.71 billion deal. In March, the firm bought a stake in a portfolio of three Denver-based office buildings from a joint venture among Callahan Capital Partners, Morgan Stanley Real Estate Investing and the Canada Pension Plan Investment Board for $268 million.
Beacon JV buys NYC office from BoA
A venture between the Boston-based private real estate investment firm and a New York-based real estate owner has agreed to purchase 222 Broadway from Bank of America for $230 million.