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This Week's N.Y. Deal Sheet

All types of deals continued to close during the final week of summer, but there were no massive leases and fewer big sales than weeks before. Long Island-based Namdar Realty Group and Empire Capital Holdings paid Clemons Management $107M for a Class-B Garment District office building at 345 Seventh Ave., property records show. The 25-story, 190K SF building boasts tenants such as Paris Forino Design, Gunn Landscape Architecture, and Corporate Resolutions, according to CompStak. CBRE’s Doug Middleton, Alana Bassen and Darcy Stacom brokered the deal for the seller, Commercial Observer reported in July, when the deal first went under contract. Namdar Realty Group is known for its portfolio of malls throughout the country; it also owns office buildings on Long Island and mixed-use buildings around the country, per its website.
NEW YORK CITY, NY
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Värde Partners co-founder Marcia Page launches firm to invest in women, diverse talent

Marcia Page, co-founder and executive chair of Värde Partners, has launched an investment firm focused on working with women and other underrepresented talent. MPowered Capital will operate as an independently managed investment firm and is being developed in collaboration with Minneapolis-based Värde. Värdehas $14 billion of assets under management in the corporate credit, financial services, real estate and mortgage sectors.
MINNEAPOLIS, MN
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TRENDING TOPICS
themiddlemarket.com

Värde Co-Founder Launches MPowered

MPowered Capital LLC, an investment firm established to invest in female and other underrepresented talent in the alternative investment space, has launched. MPowered was founded and will be led by Marcia Page, co-founder and executive chair of Värde Partners, a global alternative investment firm with over $14 billion of assets under management. Page is joined by Chrissie Chen Pariso, a long-time advocate in supporting industry-wide diversity, equity and inclusion initiatives, with twenty years of investment experience.
BUSINESS
connectcre.com

Värde Partners Will Relocate to Full Floor at Tishman Speyer’s 520 Madison

JLL completed a 23,411-square-foot lease on behalf of alternative investment firm Värde Partners, Inc. for the entire 34th floor of Tishman Speyer’s 520 Madison Ave. in Manhattan’s Plaza District. The tenant will relocate from 510 Madison Ave. in 2022. Vice chairman Cynthia Wasserberger and associate VP Georgina Cook represented Varde...
REAL ESTATE
hospitalityinsights.com

Comment: Why investors are still attracted by resorts and select-service hotels

The AHV Hospitality Index underperformed against the broader hospitality industry index and the overall European market in August, although it still outperforms year-on-year. Increasing Covid-19 cases in Europe, the US, and China alongside uncertainty on when travel restrictions will ease created market turbulence. However, we are encouraged by industry data provided by STR that gross operating profit for US hotels reached 84% of the comparable 2019 level. That indicates a gradual return to normality, and Europe could follow the same trend.
LIFESTYLE
Commercial Observer

Investment Advisor Värde Partners Relocates to 520 Madison Avenue

Investment advisor Värde Partners is moving down the block from its current offices at 510 Madison Avenue to the entire 34th floor of 520 Madison Avenue, Commercial Observer has learned. Värde Partners inked a deal to take 24,411 square feet at 520 Madison, leaving Boston Properties’ 30-story 510 Madison early...
NEW YORK CITY, NY
rew-online.com

Investment firm takes 23,000 s/f at 520 Madison

JLL has completed a 23,411 s/f lease on behalf of Värde Partners, Inc. for the entire 34th floor of 520 Madison Avenue in Manhattan’s Plaza District. The tenant will be relocating from 510 Madison Avenue in 2022. Cynthia Wasserberger, vice chairman, and Georgina Cook, associate vice president, represented Varde Partners...
MANHATTAN, NY
azbex.com

Commercial Real Estate News 09-14-21

1. CBRE announced the sale of the multifamily communities Ascend at Kierland and Elite North Scottsdale to The Ezralow Company for $312.5M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, a joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company.
PHOENIX, AZ
roselawgroupreporter.com

What’s next for Vistancia after blockbuster land deal?

North Peoria’s Vistancia community is about to welcome new neighbors. California-based IHP Capital Partners and Värde Partners, with U.S. offices in Minnesota and New York, recently formed a joint venture to purchase 3,721 acres of land within Vistancia. According to the commercial real estate tracking website Vizzda, two transactions totaling $68 million include all 3,300 entitled residential dwelling units in the Northpointe neighborhood and 370 acres of commercial mixed-use development that will serve a town center. The strategic partnership, called Vistancia Development LLC, intends to deliver 520 single-family residential lots to homebuilders later this year.
PEORIA, AZ
azbigmedia.com

What’s next for Vistancia after blockbuster $68M land deal?

North Peoria’s Vistancia community is about to welcome new neighbors. California-based IHP Capital Partners and Värde Partners, with U.S. offices in Minnesota and New York, recently formed a joint venture to purchase 3,721 acres of land within Vistancia. According to the commercial real estate tracking website Vizzda, two transactions totaling $68 million include all 3,300 entitled residential dwelling units in the Northpointe neighborhood and 370 acres of commercial mixed-use development that will serve a town center. The strategic partnership, called Vistancia Development LLC, intends to deliver 520 single-family residential lots to homebuilders later this year.
PEORIA, AZ
commercialsearch.com

Miami Office Tower Trades for $50M

Värde Partners provided acquisition financing for the multi-tenant building in Miami Beach. Ivy Realty has sold 1688 Meridian Ave., an 88,419-square-foot Class A office building in Miami Beach, Fla., for $49.5 million to an entity tied to Greenacres Management, according to public records. The office tower includes 7,600 square feet of ground-floor retail and was 81.4 percent leased at the time of sale.
MIAMI BEACH, FL
Commercial Observer

Greenacres Management Buys Miami Beach Office Building for $50M

Florida-based Greenacres Management snatched up a 10-story office building in Miami Beach for $49.5 million last week, according to property records. Ivy Realty sold the 88,419-square-foot office tower at 1688 Meridian Avenue to Greenacres, via the entity 1688 Property Owner, property records show. Greenacres financed the deal with a loan from Värde Partners for about 65 percent of the purchase price, according to a source with knowledge of the deal.
NEW YORK CITY, NY
cre-sources.com

JLL Arranges $49.5M Sale, Financing Of Creative Office Building In Miami Beach

JLL Capital Markets closed the $49.5 million sale and financing of 1688 Meridian, a boutique Class A office building along with two parking lots in Miami Beach. JLL represented the seller, Ivy Realty, in the sale of the property to 1688 Property Owner, LLC, a newly formed Delaware-based foreign limited liability company led by Ophira Cukierman, founder and principal at Greenacres Management. Additionally, JLL worked on behalf of the buyer to secure a loan with Värde Partners for the acquisition.
MIAMI BEACH, FL
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