Broadway Partners to Recap 450 W. 33rd St.

The 1.6 million-square-foot Class A office building is located two blocks from New York's Penn Station and includes tenants such as The Associated Press and New York Daily News.

April 28, 2011
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user thenails

Broadway Partners, in a joint venture with Brookfield Office Properties, plans to recapitalize ownership of 450 W. 33rd St, a 1.6 million-square-foot Class A office building near New York’s Penn Station.

The real estate investment and management firm acquired the 16-story building in 2007. It stretches from 31st to 33rd Streets, occupying approximately half of the block between Ninth and Tenth Avenues. Its tenant roster includes The Associated Press, U.S. News & World Report and the New York Daily News.

According to Broadway CEO Scott Lawlor, the property is expected to benefit from the office-market recovery in New York City. The firm was advised by Howard Michaels of The Carlton Group.

Broadway, headquartered in New York City, represents a cross-section of domestic and international private and institutional investors. Since its founding, it has invested in $15 billion in office properties nationwide.