Tag Archives: Real estate

EQT Real Estate acquires 12-building logistics assemblage located in key Northern Italian submarkets

eqt

  • Transaction comprises an attractive collection of 12 high-quality, fully let logistics assets totaling 265,000 square meters

  • Portfolio features a weighted average lease term of 4.3 years with significant rental growth potential and value creation opportunities

  • With the close of this transaction, EQT Real Estate will meaningfully increase its exposure to one of the most attractive occupational markets in Europe, owning and operating high-quality warehouses fit for today’s modern logistics users

EQT is pleased to announce that the EQT Exeter Logistics Value Fund IV (“EQT Real Estate”) has entered into an agreement to acquire a best-in-class logistics assemblage strategically located in the key Northern Italian submarkets of Milan and Verona, for approximately EUR 230 million. The assets will be acquired via an Italian REIF structure managed by Kryalos SGR S.p.A.

The assets offer proximate access to core distribution locations via key motorways, including the A1, A4 and A22, reaching major population centers and more than 12 million inhabitants.

The properties hold an average building age of ten years and feature Grade A technical specifications, including eaves heights averaging 11 metres, as well as ample loading and maneuvering features. The assemblage also benefits from a strong, globally diversified tenant base and is well-suited to meet the growing needs of today’s modern logistics users, both in Italy and around the globe.

The transaction strengthens EQT Real Estate’s exposure to the growing Italian logistics market, which continues to experience strong demand among key European submarkets. The acquisition further consolidates EQT Real Estate’s presence in the Greater Milan area, creating a significant opportunity to deploy its differentiated and hyper-local approach to value creation, and benefit from future rental growth potential.

John Toukatly, Partner, Chief Investment Officer, European Logistics at EQT Real Estate, said: “We are thrilled to incorporate this high-quality logistics portfolio into our fund. Strategically located in supply-contrained markets, these assets appeal to a broad array of prominent big box occupiers, and aligns well with EQT Real Estate’s focus on acquiring highly reversionary, modern logistics assets in underserved European markets. By leveraging EQT Real Estate’s operational and asset management expertise, we aim to unlock additional value from these properties in our effort to exceed our investors’ expectations.”

Paolo Bottelli, Founder and CEO at Kryalos SGR, said: “This transaction underscores the strength and liquidity of the Italian logistics real estate market, which continues to attract investors looking to establish or grow their presence in this rapidly expanding sector. We are pleased to work with EQT to support the execution of their investment strategy in Italy. Kryalos will manage the assets involved with the utmost professionalism, seeking to ensure their long-term value creation and leveraging our deep expertise in the logistics market.”

Contact
EQT Press Office, press@eqtpartners.com
Kryalos Press Office, Barabino & Partners, Claudio Cosetti, c.cosetti@barabino.it

About EQT Real Estate
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT supports its global portfolio companies and assets in achieving sustainable growth, operational excellence, and market leadership. Within EQT’s Real Assets segment, EQT Real Estate acquires, develops, leases, and manages logistics and residential properties in the Americas, Europe, and Asia. EQT Real Estate owns and operates over 2,000 properties and 400 million square feet, with over 440 experienced professionals across 50 locations globally.

About Kryalos
With €13.8 billion of AuM and a team of 125 professionals, Kryalos is one of the most active players in the Italian real estate market. The company offers transaction management, real estate and credit fund management, development and advisory services and is a partner of Italian and international leaders. Further information on www.kryalossgr.com

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Bain Capital and Evergreen Medical Properties Expand Joint Venture into Washington, DC Area with Acquisition of Medical Outpatient Facility

BainCapital

2440 M Street, D.C.

BOSTON and ATLANTA — January 21, 2025 — Bain Capital’s real estate team and Evergreen Medical Properties (“Evergreen”), a company that invests in, leases and manages healthcare facilities, today announced the acquisition of an approximately 122,000 square-foot medical outpatient facility in the Washington, DC metropolitan area. The private transaction marks the entrance into the DC market for Bain Capital and Evergreen’s joint venture, which focuses on acquiring, renovating, and operating mission-critical medical outpatient facilities.

Located at 2440 M Street in the West End of downtown Washington, DC, the modern, best-in-class facility attracts patients from Georgetown and the surrounding metropolitan area, Virginia, and Maryland.  The 2024 renovated property is currently 83% leased to a diverse mix of clinical tenants.

“Our expansion into the D.C. market represents a natural extension of our thematic investing approach and partnership with Evergreen, which seeks to identify and add value to high-quality medical outpatient facilities,” said Joe Marconi a Partner at Bain Capital.  “Strategically located in the attractive West End submarket benefiting from its close proximity to George Washington University Hospital, we believe the facility is well-positioned to capture high-end, highly sought after providers while continuing to serve as a top destination for patients.”

“Evergreen Medical Properties is excited to enter the D.C. market through this destination medical outpatient building,” said Josh Richmond, President of Evergreen Medical Properties.  “As we earn the trust of local health systems and providers, we hope to expand our investments to others throughout the region.”

Bain Capital and Evergreen have curated a portfolio of institutional quality medical outpatient buildings in select markets throughout the U.S.  The joint venture is actively seeking to grow its portfolio of 34 facilities totaling 1.5 million square feet.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About Evergreen Medical Properties  
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers.  Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of its healthcare real estate investments.

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CapMan Real Estate acquires a brownfield logistics development project outside Gothenburg, Sweden

Capman

 

CapMan Real Estate acquires a brownfield logistics development project outside Gothenburg, Sweden

The CapMan Nordic Real Estate III fund (“CMNRE III”) has signed an agreement with Mitsubishi Logisnext Europe AB to acquire a brownfield logistic development project situated in the Gothenburg region which is the highest ranked logistics hub in the Nordics. The plan is to demolish the current outdated industrial buildings and, in their place, construct an EU taxonomy aligned modern logistics facility. This new facility will provide high-quality logistics spaces suitable for multiple tenants, thereby bolstering CapMan Real Estate’s footprint in the Swedish logistics market.

The project is situated in Mölnlycke along highway 40 outside central Gothenburg, a city which houses the largest port in the Nordics and is central to the “Logistic Triangle” connecting the Nordic capitals. As a result, the demand for logistics space in the area is typically very high coupled with low vacancy rates.

The project site holds two outdated buildings which CapMan Real Estate plans to demolish and replace with an EU Taxonomy aligned logistics facility of approx. 43,000 m2. The new facility will allow for up to six different units and is planned to welcome new tenants by summer 2026. The development project targets BREEAM-SE v.6 New construction certification at least on level Excellent as well as energy performance certificate rating B. The construction site will target a minimum 90% waste recycling rate aiming to reuse as much as possible within the new development.

“We’re very happy to acquire this project in such an excellent logistic location outside central Gothenburg, increasing our presence in the Swedish logistics segment. We look forward to developing a sustainable*, top-of-the-art logistic facility and attract tenants who value the unique opportunity to lease space in this location”, comments Marcus Lotzman, Head of Transactions at CapMan Real Estate Sweden.

The acquisition is expected to close during Q1 2025. Mannheimer Swartling acted as legal advisors for CapMan Real Estate in this transaction.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä. This is the 6th investment in Sweden for CMNRE III, a value-add fund investing mainly in Nordic office, logistics and selected residential assets.

*EU Taxonomy aligned.

For more information, please contact:

Marcus Lotzman, Head of Transactions at CapMan Real Estate Sweden, +46 706 806 081

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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Kering and Ardian sign an investment agreement regarding prime real estate assets in Paris

Ardian

Kering and Ardian today announced the signature of a binding investment agreement pertaining to three highly prestigious real estate properties in Paris. This portfolio comprises Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56.

Kering is contributing these assets to a newly created joint venture. Ardian, a world-leading private investment house, will hold a stake of 60% in this unique prime real estate portfolio, Kering retaining 40% of the ownership. Net proceeds for Kering will amount to €837 million.

This transaction is part of Kering’s selective real estate strategy, aimed at securing exceptional retail locations for its Houses for the long term in the world’s most emblematic luxury districts.

For Ardian, this long-term partnership is a rare opportunity to further establish its real estate footprint in Paris through an investment in three real estate assets located on the most prestigious high streets, offering its clients access to a very exclusive real estate market.

The deal is expected to close in the first quarter of 2025, pending the fulfillment of customary conditions for real estate transactions.

“We are very pleased with this partnership, which allows us to secure for the long term highly prominent retail locations while preserving our financial flexibility. With Ardian, a leading investment firm, we have found a quality partner with whom we share a French heritage and a common vision.” Jean-Marc Duplaix, Kering Deputy CEO and Chief Operating Officer

“We are proud to partner with Kering, a global leader in luxury, to invest in iconic, stabilized properties on the premier luxury streets of Paris. This long-term, innovative joint venture embodies a transformative approach to real estate strategies for luxury groups like Kering, while opening new avenues for growth and leveraging our expertise to deliver exceptional value for our investors.” Stéphanie Bensimon, Mmeber of the Executive Committee, Member of the Board of Ardian France and Head of Real Estate, Ardian

ABOUT KERING

A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin and Ginori 1735, as well as Kering Eyewear and Kering Beauté. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2023, Kering had 49,000 employees and revenue of €19.6 billion.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Contacts

HEADLAND

ardian@headlandconsultancy.com 

KERING

Emilie Gargatte

emilie.gargatte@kering.com+33 (0)1 45 64 61 20

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Ounce of Care and Standard Communities Announce National Launch of Tech-enabled Resident Services

Flare Capital
  • Partnership brings the Ounce platform to over 10,000 residents in 50 properties across 15+ metro areas and 8 states

WASHINGTON, Jan. 15, 2025 /PRNewswire/ — Ounce of Care, the nation’s leading provider of tech-enabled resident services for affordable housing communities, and Standard Communities, one of the largest affordable housing owners in the U.S., are excited to announce an innovative partnership that provides high-quality, tech-enabled services to residents across its portfolio. This partnership brings Ounce’s platform to over 10,000 residents in 50 properties across 8 states with plans to expand to additional properties in Standard’s portfolio in the future.

Ounce and Standard will work closely to assess and gain a comprehensive understanding of the unique needs and priorities of residents at each site. By conducting detailed evaluations and engaging directly with the community, the two can provide support that effectively addresses specific challenges and opportunities that residents experience.

Through its custom tech platform (the “Ounce Hub”) and a team of highly trained Community Navigators, Ounce will provide connections to social services and resources to residents who live in affordable housing. Using a hybrid service delivery model, the partnership will enhance financial stability, promote health and wellness, and create safer, more engaged communities.

“At Standard, we are committed to creating thriving communities where residents feel supported and empowered,” said Aaron Thomas, Senior Managing Director, Standard Communities. “Partnering with Ounce allows us to deepen that commitment by providing tech-enabled services that directly promote the well-being of our residents. With Ounce’s robust reporting and communications platform, we’re thrilled to have real-time insights into the tangible impact on their quality of life—this will help us create safer, healthier, and more connected communities.”

“We are thrilled to be partnering with Standard to expand Ounce’s impact to an additional 10,000 residents across the country,” said Rachel Munsie, co-founder and CEO of Ounce. “The Ounce model has demonstrated impact by connecting families and seniors to needed resources, putting money back into residents’ pockets, and delivering unparalleled resident satisfaction. This partnership allows us to replicate these outcomes nationally.”

About Ounce of Care

Ounce is on a mission to empower healthy and thriving communities. Ounce’s tech-enabled and scalable platform promotes resident engagement, stability, and outcomes. Ounce recently announced partnerships with AmeriHealth Caritas D.C., National Housing Trust, Enterprise Community Partners, and Jubilee Housing. With this partnership, Ounce now serves over 80 properties and 17,000 residents across the U.S.

Learn more at: www.ounceofcare.com

About Standard Communities

Based in New York and Los Angeles, Standard Communities has a portfolio of over 27,000 apartment units and more than $5 billion in assets under management across 21 states and Washington, D.C. With expertise in development, acquisitions, renovations and construction, Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.

Learn more at: www.standard-communities.com

Media contact
press@ounceofcare.com

SOURCE Ounce of Care

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ButterflyMX Secures Significant Growth Equity Investment from FTV Capital

FTV Capital

Investment will accelerate new product development while further solidifying ButterflyMX’s market-leading position in the multi-tenant property access and security market

NEW YORK — ButterflyMX, the leading cloud-based property access platform for multifamily and commercial properties, today announced a significant growth equity investment from FTV Capital, a sector-focused growth equity firm. With nearly 17,000 buildings and 1.5 million people using ButterflyMX daily, this investment will enable expansion into new markets, accelerate new product offerings, and solidify its position as the leading provider of property access control and security solutions.

The property access control and security market has seen massive growth driven by technological advancements, evolving resident expectations, and a growing need for safety. According to data from Market and Markets, the global market for cloud-based access control is expected to surpass $15.2 billion in annual revenue by 2029. This reflects a growing demand from property owners and managers for software-enabled solutions that boost revenue, reduce operating expenses, enhance security, and improve user experiences for everyone who lives, works, or visits a property.

ButterflyMX provides an access management and security platform that helps buildings deliver better experiences while driving significant revenue and cost savings. From video intercoms and connected access control systems to security cameras and front desk management, ButterflyMX’s property-wide suite of software-enabled products and services is purpose-built for property owners and managers of multifamily, commercial, student housing, HOAs, and gated communities. The company’s products and solutions enable customers to manage property access remotely and automate building operations while seamlessly integrating into existing property systems.

“Since our founding nearly 10 years ago, we’ve grown from just a video intercom to a fully integrated suite of access control and security products and solutions that transform the property access experience from the front entrance to every door, gate, and elevator through a building,” said Aaron Rudenstine, CEO of ButterflyMX. “The future of ButterflyMX will continue to focus on developing solutions that automate building operations, allowing for more affordable property ownership and management. As we continue on this journey, we’re pleased to have the backing of FTV Capital, a firm with a deep understanding of both vertical software and tech-enabled hardware, a vast network of partners and advisors, and a shared vision to provide products and services that revolutionize how multi-tenant properties are owned and operated.”

“Cloud-based property access solutions have become mission critical as residents increasingly demand more seamless and secure experiences and property managers look to simplify and improve operations,” said Richard Liu, partner at FTV Capital. “ButterflyMX has already asserted its market leadership with best-in-class solutions that address complexities around multi-family and commercial access for tenants, building owners, and property managers. The strong market momentum and incredibly positive customer feedback we heard was a resounding testament to the company’s unique value proposition and the compelling ROI it delivers. We are excited to partner closely with ButterflyMX to help the company meaningfully scale in its next chapter.”

“With consistent growth, excellent unit economics, and a highly scalable model, ButterflyMX is well positioned to remain the gold standard in this market,” continued Kapil Venkatachalam, partner at FTV Capital. “By being in the natural flow of key data, strategic use of AI, and leveraging an open platform that allows for seamless integration with other ecosystem players across the globe, ButterflyMX will continue to streamline operations for various types of property owners and enhance the resident experience. We look forward to partnering with Aaron and the team to drive the business forward.”

As part of this growth investment, Liu, Venkatachalam, and Chris McPherson, vice president at FTV Capital, will join ButterflyMX’s board of directors. Lead Edge Capital and Fifth Wall are participating as co-investors in this funding round, while existing investors JMI Equity and Volition Capital will continue to maintain their positions on the company’s board of directors.

Raymond James acted as financial adviser to ButterflyMX, and Houlihan Lokey acted as financial advisor to FTV Capital. Financial terms were not disclosed.

About ButterflyMX

ButterflyMX is your complete property access and security platform, providing a secure, convenient, and cost-effective way to manage and grant access on the go. Empower your tenants to open doors, gates, and elevators with a smartphone and ensure they never miss a visitor or delivery. Enjoy easy installation, cut costs by eliminating building wiring and in-unit hardware, and save time by integrating with popular access control and property management systems. Join the 16,000+ multifamily, commercial, gated community, and student housing properties that have made access simple with ButterflyMX. For more information, visit www.butterflymx.com or call (800) 398-4416.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2 billion to invest in innovative, high-growth companies across two sectors: enterprise technology and services and financial technology and services. Founded in 1998, FTV has developed a highly differentiated and disciplined growth equity model, which leverages the firm’s deep domain expertise and thematic investing approach to help portfolio companies accelerate growth. FTV also provides companies with access to its Global Partner Network®, a strategic group of more than 500 executives from many of the world’s leading financial services firms and FTV Propel®, an in-house team of seasoned operational leaders who deliver counsel and resources across a range of critical business functions. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

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Platinum Equity Offers Support, Temporary Housing to Employees Impacted by L.A. Fires

Platinum

BEVERLY HILLS, Calif. – The wildfires that have devasted the Los Angeles area have impacted many, including Platinum Equity and its L.A.-based employees.

Communities around Los Angeles have seen homes and schools destroyed as the wildfires have raced throughout the area, devastating entire neighborhoods and forcing evacuation orders or warnings for nearly 200,000 residents.

In response, Platinum Equity is offering full support to all employees who are either negatively impacted or helping family or friends during this difficult time.

“My thoughts and prayers are with all of our folks who have been impacted by the devastating wildfires across the Los Angeles area,” Platinum Equity Founder and CEO Tom Gores wrote to employees in an e-mail.

“Whether you are under an evacuation order, assisting friends and neighbors in need, or facing the loss of your home and community, I want to reassure you that as a member of the Platinum Family, you are not alone. We are here to support you through this difficult and uncertain time.”

The firm has reached out directly to employees in each of the affected areas, offering immediate support that includes temporary housing during periods of displacement.

“We continue to navigate uncertainty in the days ahead as the dedicated fire rescue teams work tirelessly to contain the various wildfires across our region,” Platinum Equity’s Head of Human Resources Emily Hofer said. “Mr. Gores has offered generous support to all of us, and most importantly, to our displaced employees and their families.”

With the safety and well-being of all top of mind, Platinum Equity employees have been encouraged to work from home, although the Beverly Hills office has remained open. (The building is located outside any designated evacuation warning or evacuation order zones.)

Firm leadership continues to monitor the situation and will adjust accordingly if the situation changes.

Gores and the Platinum Equity team are also currently formulating plans to aid relief and rebuilding efforts in the greater L.A. area.

The firm said it appreciates all the well-wishes and offers of support from others that have poured in from around the globe.

“As a global firm, our team in Los Angeles is grateful for all the messages of support we’ve received from our colleagues, investors and other business partners around the world,” Platinum Equity said in a released statement.

As of Monday morning, the wildfires are being blamed for 24 deaths and the destruction of more than 12,000 structures.

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CVC Credit supports Cinven in its acquisition of a majority stake in idealista

CVC Capital Partners

CVC Credit, the global credit management business of CVC, recently provided debt facilities to fund the acquisition of a majority stake in idealista, the leading online real estate classifieds platform in southern Europe, by Cinven.

Founded in 2000 and headquartered in Madrid, idealista provides online real estate classifieds portals for real estate agents and private individuals across southern Europe where they can advertise their property portfolio for sale and for rent. idealista’s online platform also offers a range of additional digital services including mortgage brokerage, CRM software, rental and agency services, and insurance brokerage to assist and facilitate real estate transactions.

Quotes

idealista will now look to accelerate the digitalisation of the consumer journey and real estate agent workflows.

Moris NachmiasManaging Director at CVC Credit

Moris Nachmias, Managing Director at CVC Credit, commented: “idealista is the leading online real estate classifieds platform in southern Europe, which  comprises both large addressable and growing markets. Under Cinven’s stewardship, idealista will now look to accelerate the digitalisation of the consumer journey and real estate agent workflows. CVC Credit is pleased to be supporting this journey over the coming years.”

Miguel Toney, Partner at CVC Credit, said: “The depth of CVC Credit’s platform means that we already had experience of investing in idealista’s markets, in both our Private Credit and Performing Credit businesses. This knowledge, coupled with the ability to access the expertise of CVC’s local teams was crucial in accessing this opportunity.”

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1211 Avenue of the Americas

Cdpq

RXR Acquires 49% Stake in 1211 Avenue of the Americas from Ivanhoé Cambridge

Real EstateNew York (U.S.) and Montreal (Canada), 

RXR, a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region, announced today the closing of the acquisition of a 49% interest in 1211 Avenue of the Americas, one of the most recognizable and distinguished office buildings in New York City. The stake was acquired from Ivanhoé Cambridge, the global real estate group of CDPQ.

RXR and Ivanhoé Cambridge will continue the program to reposition the asset by investing over $300 million into the two million-square-foot property, launching a building modernization program designed to meet the demands of today’s leading global companies. The transformation will feature a reimagined multi-tenant lobby and a revitalized plaza. Improvements will also include a new amenity center, conference rooms, a wellness center, and other enhancements.

With this transaction, RXR and Ivanhoé Cambridge are creating a new partnership where both companies will work on the repositioning of this iconic office property. As the new operator of the building, RXR will also elevate the tenant experience through its signature RXO program, bringing a dedicated hospitality team to curate a dynamic programming calendar, including lobby activations, educational workshops, and wellness initiatives.

The lease extension by FOX and News Corp signed in 2023 secures approximately 55% of the building’s occupancy through 2042. However, the upcoming departure of a law firm in 2028 creates a rare opportunity in one of the most sought-after neighborhoods in New York City: over 600,000 square feet of contiguous premium space.

The availability of this space represents a unique ‘building within a building’ offering in the coveted Rockefeller Center/Midtown submarket, where space is increasingly scarce as availability rates remain well below the average of Midtown Manhattan. The property’s prominent location on Sixth Avenue, combined with its exceptional connectivity, positions it perfectly for companies seeking premium space.

“This transaction underscores our strong conviction in New York City’s office market and its unparalleled resiliency. While some had written off New York City and declared the office era over, we never wavered in our belief in our hometown,” said Scott Rechler, Chairman and CEO of RXR. “By partnering with Ivanhoé Cambridge to transform this iconic tower into a workplace that meets the demands of today’s global companies, we’re demonstrating that well-located, high-quality office buildings can thrive in a post-pandemic world. We’re not just investing in a building – we’re investing in the next chapter of New York City’s growth and recovery,” said Rechler.

“We are thrilled to welcome RXR as our partner and operator at 1211 Avenue of the Americas, a landmark property Ivanhoé Cambridge has owned for over a decade,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate CDPQ/Ivanhoé Cambridge. “Through this partnership, we intend to leverage RXR’s expertise in New York’s real estate market and invest in transforming one of the city’s most iconic buildings. This initiative aligns with our strategy to redefine workplace offerings that cater to the evolving needs of top-tier tenants in the country’s most sought-after markets,” said Ghorayeb.

Strategic Capital Alliance and Newmark advised RXR on the transaction.

ABOUT RXR

Headquartered in New York, RXR is a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region. RXR owns and manages over 30.5 million SF of commercial properties and over 9,800 multi-family units.  RXR specializes in public-private partnerships and master developments, including the $4 billion development of Terminal 6 at JFK International Airport and a 1,100-acre, $3 billion mixed-use development in Raleigh, North Carolina.  Additionally, RXR has a multi-billion credit platform that leverages its real estate expertise to originate and acquire commercial real estate loans. RXR’s geographical footprint includes the New York metropolitan region and many of the nation’s fastest-growing markets, including Phoenix, Denver, Dallas, Raleigh, and Tampa.

ABOUT IVANHOÉ CAMBRIDGE

Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. Ivanhoé Cambridge holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies globally. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.

For more information: cdpq.com / ivanhoecambridge.com

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Stonepeak Acquires 2.3 Million Square Foot Logistics Portfolio in Houston, Texas

Stonepeak

NEW YORK, NY – December 19, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of six logistics assets totaling 2.3 million square feet in Houston, Texas.

The assets are strategically located less than 8 miles from Port Houston, which lifts 3.8 million TEUs annually and is the fifth-largest container port in the United States. Port Houston is investing $1.7 billion over the next five years to modernize and expand its existing facilities. Houston’s transport infrastructure is further supported by an extensive rail network anchored by Union Pacific, BNSF, and CPKC. Houston has seen positive demographic trends, with a population of 7.5 million that has grown three times the national average since 2014 and trailing 12-month job growth of 2.3% compared to the national average of 1.6%.

“We are thrilled to add these high-quality assets to our port logistics platform, which has grown rapidly over the past year,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We continue to believe in the power of supply chain real estate anchored by essential port infrastructure, given its mission-critical role in local and national supply chains, and we are excited to continue investing behind this theme.”

To date in 2024, Stonepeak has acquired 20 logistics assets totaling 7 million square feet. Most recently, Stonepeak acquired a 1.8 million square foot logistics portfolio located near the Port of Jacksonville, Florida. Earlier this year, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas and a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

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