1.2 million square foot top-tier property in the heart of Midtown, home of Investcorp’s U.S. office
NEW YORK, NY – November 28, 2007 – Investcorp’s U.S. based real estate group and affiliates of Broadway Partners, a national private real estate investment and management firm headquartered in New York, today announced the purchase of 280 Park Avenue in New York City, the home of Investcorp’s US base. Specific financial terms of the transaction were not disclosed. This transaction represents the fourth property acquired by Investcorp and Broadway Partners in their four-year history as joint venture partners.
Located in the heart of Midtown Manhattan, this two tower, Class A office building consists of one 31-story building and one 43-story building, with a 14-story mid-rise connecting both towers. Totaling 1.2 million square feet, the complex houses an impressive, diverse roster of tenants that include Deutsche Bank, Credit Suisse First Boston, the National Football League and Investcorp. Investcorp operates its U.S. Real Estate, Private Equity, Hedge Fund, and Technology Investment activities in 51,000 square feet on five floors at this location.
“This building, ideally located at the corner of 48th Street and Park Avenue in Midtown, offers tenants convenient access to restaurants, hotels, shopping, and public transportation, and is within a well-established corporate submarket where many of the world’s largest companies have chosen to locate their global headquarters or the base of their U.S. operations,” said Jonathan Dracos, Co-Head of Investcorp’s real estate group. “Our investment in this top-tier property is a perfect example of how Investcorp works with ‘best in class’ operating and investment partners to acquire superior assets with an opportunity for value enhancement.”
Mr. Dracos noted that Investcorp has successfully co-invested with Broadway Partners in three other office properties and is pleased to work with them again on 280 Park. “With its fully integrated acquisition, asset management, leasing and property management platform, Broadway is well-equipped to provide the expertise and oversight necessary to maximize return on this important investment.”
Scott Lawlor, CEO of Broadway Partners, said, “We are delighted to be teaming up again with Investcorp on this significant transaction. 280 Park is a great asset and is a valuable addition to our portfolio of trophy office properties in New York, Boston, Chicago, Los Angeles, San Francisco, Washington, D.C., and elsewhere. We believe that 280 Park Avenue has the potential for long-term out-performance and the ability to deliver strong, risk-adjusted returns for our investors.”
Investcorp’s acquisition of 280 Park Avenue follows other major announcements by the group this year including its investment in the Bravern, a 1.6 million square foot mixed-use development project in Bellevue, Washington, the acquisition of a portfolio of full-service hotels in the southeastern and Midwestern U.S., and the opening of the group’s West Coast investment office in Los Angeles.
About Investcorp Real Estate
With offices in New York and Los Angeles, the Investcorp real estate group is a well-capitalized, value-oriented real estate investor with an investment portfolio totaling in excess of $5 billion (total capitalization) and a long and distinguished track record of success. Investcorp’s real estate team, is experienced in the acquisition, development, financing, leasing, management, and disposition of a wide variety of property types including office, retail, hotel, residential, mixed-use and luxury resorts. The group takes a flexible approach to investing and works closely with local operating partners and developers on both a co-investment and direct investment basis.
Investcorp’s real estate group is part of Investcorp, a leading provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain and is publicly traded on the London Stock Exchange (IVC) and Bahrain Stock Exchange (INVCORP). The firm has five lines of business: real estate, private equity, hedge funds, venture capital, technology investment, and Gulf growth capital. Founded in 1982, Investcorp has grown to become one of the largest and most diverse alternative investment managers in terms of both product offerings and geography, and currently has approximately $13 billion in invested assets under management. Additional information on Investcorp can be found at www.investcorp.com, or through the contacts below.
About Broadway Partners
Broadway Partners is a private national real estate investment and management firm headquartered in New York City with regional offices in Los Angeles and Chicago. Its partners represent a cross section of domestic and international private and institutional investors. The firm invests in high quality office properties in select markets nationwide. Since 2000, Broadway Partners has acquired office properties with a value in excess of $15 billion.
Investcorp Business Contact:
Peter Petron
Investcorp
212-599-4700
Investcorp Media Contact:
Darren Brandt
Sloane & Company
212-446-1861
Broadway Partners Business Contact:
Jonathon Yormak
Broadway Partners
212-810-4013
