Broadway buys $3bn office portfolio from Beacon

The deal would be the largest private transaction on record and also includes prime office buildings in Los Angeles, Washington DC and Denver.

New York-based Broadway Real Estate Partners has acquired a 10-building portfolio of office buildings in major cities across the US for $3.4 billion (€2.7 billion), according to reports. The portfolio, which was sold by Boston-based Beacon Capital Partners, includes Boston’s John Hancock Tower.

The deal apparently marks the largest real estate transaction between a private buyer and seller, Dan Fasulo, the director of research for New York-based research firm Real Capital Analytics, told The New York Times.

The portfolio also reportedly includes three other buildings in Boston, four in Los Angeles, two properties in Washington DC and the Bank One Tower in Denver.

As of June, Broadway Partners had acquired 8.5 million square feet of office space valued at $2.7 billion since 2000.

Beacon’s fourth vehicle, which raised $2 billion, primarily targets value-added opportunities in Boston, DC, New York, Los Angeles, San Francisco, Denver, Seattle, Chicago, London and Paris. The fund had committed more than three-fourths of its equity as of June, having acquired or committed to acquire 12.6 million square feet of office space.