New York-based Broadway Real Estate Partners has continued its acquisition streak with an office buy in Houston, in addition to hiring a new marketing director.
The firm is acquiring One City Centre, a 591,000 square foot office building in downtown Houston for $115 million (€89 million). The building, which was reportedly one of the first skyscrapers built in the city, sports two parking garages and has an occupancy rate near 90 percent. The firm declined to comment on the transaction.
Broadway is also expanding its roster with the appointment of Douglas Harper as its managing director of institutional marketing. Harper was formerly the director of the account management group at private equity real estate firm BlackRock Realty.
“He has tremendous experience in the institutional fundraising arena already,” Charles Millard, president of Broadway, told PrivateEquityRealEstate.com. “As we look to raise future funds, we think he’ll make a great impact on our organization.”
Broadway has been busy as of late, recently taking down one of the largest real estate deals ever between a private seller and a private buyer. In October, the firm acquired a 10-building portfolio of office buildings in major US cities for $3.4 billion. The portfolio, which was sold by Boston-based Beacon Capital Partners, includes the John Hancock Tower in Boston, three additional buildings in the city, four in Los Angeles, two properties in Washington DC and the Bank One Tower in Denver.
Broadway was founded in 1999 by former Fortress Investment Group pro Scott Lawlor. In 2005, Broadway closed its first fund on $210 million. It recently closed a follow-up vehicle.