Real Estate Market Update - June 7, 2011



Times Square tower sold to Zar Group for $204M

Craine's New York - June 1 The Zar Group has purchased 1450 Broadway from a partnership of The Chetrit Group, The Moinian Group and Edward J. Minskoff Equities for $204 million. The 42-story Times Square office tower, located at the corner of 41st Street and Broadway. The 400,200-square-foot tower has a 14% vacancy rate, with tenants that include high-end fashion companies such as BCBG and Iconix Brand Group.

Broadreach Capital sells BT Infonet Headquarters in El Segundo for $51.2M

PR Log - May 31

Broadreach Capital Partners has sold the 157,000 square-foot office building in El Segundo, which serves as the North American corporate headquarters for BT Infonet, to GLL Properties, Inc. for $51.2 million. The BT Infonet headquarters building was one of the first of a new generation of high technology buildings when it was built in 2000 featuring redundant back-up systems; raised access flooring to contain more than 200 miles of cable.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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