Wachovia Corporation

Insatiable Broadway Partners Need Cash

Broadway Partners is looking for some money-men to help pay for its $5 billion portfolio buy from Beacon Capital Partners, which includes 237 Park Avenue and 100 Wall Street. The Observer reported the purchase last week.

The leading candidates are the usual suspects. Lehman Brothers, Morgan Stanley, RBS Greenwich Capital and Wachovia are all in contention, reports Paul Fiorilla of the Commercial Mortage Alert.

Mr. Fiorilla also offers an analysis worth reading:

Broadway might seek to flip some of the 15 properties, as it did in the previous deal with Beacon. Broadway's third vehicle comes right on the heels of its second fund, which closed in December with $590 million of equity. Broadway's two-month turnaround may be unprecedented. Gaps between fund-raising campaigns are usually at least six months and often a year or longer.

The piece is a month old, but it's fun in a wonky, finance way. The piece is after the jump.  read more »

- John Koblin

Bank Branches Disappearing? What Corner Do You Live On?

And the last empty Lexington Avenue storefront in the Bloomberg Tower goes to—wait for it&mdas  read more »