The Wall Street Journal reported today that Brookfield Office Properties is taking a majority interest in 450 W. 33rd Street, a 1.6 million square foot Class A office building ,in a joint venture with Broadway Partners. The terms of the deal have not been disclosed, it is known that Broadway purchased the property in 2007 for $664 million. The Carlton Group acted as financial advisor to Broadway.
An excerpt from the article:
Control of the property will be shared. Brookfield isn't investing a significant amount of money up front for a majority stake in the building. But it will be on the hook when the 1.6-million-square-foot property's $517 million in debt comes due in the middle of next year, the people say. Broadway Partners, an active buyer during the boom years, has been struggling to hold on to a slew of top-of-the-market skyscraper purchases. Teaming up with publicly traded Brookfield gives Broadway a deep-pocketed partner that will allow Broadway Partners to retain a stake in the building rather than to lose it outright in a foreclosure.
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