REAL ESTATE INVESTMENT
Conning and PEARLMARK | November 11, 2022
Conning, a leading global investment management firm, and Pearlmark Real Estate, L.L.C. (“Pearlmark”), a specialist investment manager of commercial real estate debt and equity strategies, today announced the signing of a definitive agreement for Conning & Company to acquire a majority stake in Pearlmark. Pearlmark will continue to operate autonomously with its investment team led by Stephen Quazzo and Doug Lyons.
“Partnering with Pearlmark is the latest example of our strategy to add best-in-class capabilities to meet the evolving needs of our clients, Pearlmark has extensive real estate knowledge and significant experience successfully working with insurance companies and other institutional clients to help them achieve their real estate investment objectives.”
-Woody Bradford, Chief Executive Officer and Chair of the Board of Conning
We are excited to collaborate with Conning while continuing to work with our industry partners and clients in providing real estate capital solutions, Conning’s investment and client-oriented culture is a perfect fit for our business, and they are the ideal strategic partner to help us strengthen and grow our platform,said Stephen Quazzo, Chief Executive Officer and Co-Founder of Pearlmark.
Founded in 1996, Pearlmark is focused on U.S. mid-cap real estate investments in both equity and debt. This holistic perspective enhances Pearlmark’s approach to sourcing, underwriting, and managing its investments, which drives value for investors. Pearlmark is headquartered in Chicago with additional offices in Denver, Nashville, and New York City.
The transaction is expected to close by early 2023, subject to customary approvals and closing conditions. Morgan, Lewis & Bockius LLP served as a legal advisor to Conning. CenterCap Group, LLC served as financial advisor and Drane & Freyer Limited served as legal advisor to Pearlmark.
Conning is a leading investment management firm with more than $180 billion in global assets under management as of September 30, 2022. With a long history of serving the insurance industry, Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America. As of September 30, 2022, represents the combined global assets under management for the affiliated firms under Conning Holdings Limited (CHL) and Cathay Securities Investment Trust Co., Ltd. (SITE). SITE is a separate entity under Cathay Financial Holdings Co., Ltd which is the ultimate controlling parent of all Conning entities. The CHL CEO sits on the Board of SITE and helps oversee the business.
Pearlmark is a Chicago-based investment firm that targets domestic core, value-add, and opportunistic real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, Pearlmark has sponsored more than a dozen real estate equity and debt investment programs and completed 565 real estate equity and debt transactions on behalf of investors, representing $5.3 billion in equity capital commitments and over $13.8 billion in gross investment value. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (office, industrial, multifamily).
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
View | November 21, 2022
View, Inc. (Nasdaq: VIEW), a leader in smart building technologies, today announced the launch of the View Partner Marketplace, an app store now available to the customers of the company’s recently launched Smart Building Cloud, the industry’s first, complete cloud-native platform for smart buildings. The View Partner Marketplace enables View customers to deploy popular real estate applications, sensors, and software platforms with a single click, making it easier than ever for real estate owners and operators to quickly and securely digitize their real estate portfolios.
The Smart Building Cloud provides real estate technology teams with all the software components required to connect, manage, and optimize a portfolio of smart buildings with strong cybersecurity protection and maximum flexibility. With the launch of the View Partner Marketplace, View is adding turnkey integrations with platforms and applications that make buildings healthier, more sustainable, more efficient, and easier to operate.
The Marketplace now supports 15 applications and sensors with new partners being added monthly. A few recently added partners include:
Mapped, a fully automated independent data layer platform that fast tracks the data integration and onboarding process down to a few hours, eliminating the need for manual integrations with vendor applications, and further accelerating project rollouts across portfolio;
Nantum OS by Prescriptive Data, a building operating system that enables building owners to manage energy consumption and carbon emissions;
Butlr Technologies, an anonymous people counting platform that includes best-in-class occupancy sensors addressing use cases served by View’s Building Performance and Workplace Experience applications; and
Awair, an air quality monitoring platform with RESET accredited air quality sensors and long-range mesh network technology that helps enterprises cost-effectively measure indoor air quality.
Kevin Cho, Co-founder and CEO of Awair, said: Partnering with View will help us further our mission to improve the health and wellness of workplaces. With our sensors as a preferred option for View’s Smart Building Cloud, we can decrease time to value for customers looking to measure and optimize indoor air quality.
“We are delighted to be chosen by View to be integrated into Smart Building Cloud to enable their customers to drive operational and environmental use cases informed by occupancy and utilization data.”
-Honghao Deng, Founder and CEO of Butlr
Sonu Panda, CEO of Prescriptive Data, said: Partnering with View will help building owners accelerate towards ESG targets of improving energy efficiency and sustainability within their real estate portfolios. With Nantum OS running on View’s platform, customers will benefit from fast data processing at the edge and excellent cybersecurity.
Shaun Cooley, Founder CEO, Mapped, said: We’re thrilled to partner with View and make building data more accessible, actionable, and secure. Mapped is committed to enabling property owners to own their data in a clean consistent format across their portfolio; this partnership will ensure customers deploying our solution also benefit from strong out-of-the-box cybersecurity protection and simplified network and data infrastructure.
The View Smart Building Cloud can be deployed in both new and existing buildings, and in conjunction with or independently of View Smart Windows, View’s flagship product that uses artificial intelligence to optimize access to natural light and outdoor views while keeping occupants comfortable. Every View Smart Window installation comes with an extensible OT network, which supports a wide variety of smart building devices and applications and serves as the foundation for a complete smart building technology stack.
View delivers optimal human experiences in buildings. We started by revolutionizing something that hadn’t changed for centuries the simple window and in so doing, built the only complete, modular, cloud-native platform to deliver on the promise of smart buildings. View Smart Glass and the Smart Building Cloud transform buildings into responsive environments that continuously adjust to meet human needs for natural light, connection to nature, fresh air, and comfortable temperatures while improving energy efficiency and increasing profits for building owners and their tenants. Today, View’s products deployed across offices, apartments, life science facilities, schools, hospitals, airports, and hotels.
Mapped is the Independent Data layer for commercial real estate. By automating the discovery, extraction, and normalization of data from building systems, sensors, devices, and vendor APIs, Mapped simplifies the integration process down to a single, standardized API. Mapped breaks enterprise data silos to empower building owners, operators, and service providers to unlock the value of their data and drive transformative business outcomes.
About Prescriptive Data’s Nantum OS
Nantum OS is an artificial intelligence and machine learning climate technology designed for commercial real estate operators and sustainability managers. Nantum OS allows real estate managers to visualize building HVAC systems, metering systems, people counting systems, IoT devices (air quality, lighting, shade, smart glass), distributed energy systems (battery storage, fuel cells, on-site generation equipment, solar), and third-party datasets in real time. Nantum OS uses real-time AI/ML algorithms to reduce building energy demand, suppress carbon emissions, and shrink utility costs. Each building on Nantum OS uses the least amount of energy and carbon emissions while delivering the maximum amount of health and comfort to occupied spaces.
Spun out of the MIT Media Lab in 2019 with offices in Silicon Valley and Boston, Butlr was founded by Forbes 30 Under 30 entrepreneurs Honghao Deng and Jiani Zeng with a mission to make the built environment people-aware. Butlr's People Sensing Platform anonymously infers human presence and activity via its thermal, wireless sensors to deliver rich spatial insights at a fraction of the cost and time of legacy alternatives. Since launch of its platform in late 2021, the company is already working with dozens of the largest occupiers, landlords and service providers in North America, Europe and Asia, in addition to partners in senior living and retail.
Awair’s mission is to empower people worldwide to breathe safely wherever they spend time indoors. The company provides cutting edge technology that is easy to use and understand, as well as an intuitive software platform with actionable insights for IAQ improvement, enabling users to mitigate their indoor air for health and safety, be it at home, school, the workplace, or any other indoor space. The company is headquartered in San Francisco, CA and has a second office in Seoul, South Korea.
REAL ESTATE INVESTMENT, REAL ESTATE ADVICE
Jamestown | October 12, 2022
Jamestown, a global real estate investment and management firm with a 39-year track record and over $13 billion in assets under management as of June 30, 2022, and Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, today announced a strategic partnership, currently anticipated to close prior to the end of 2022, subject to regulatory approvals and other customary closing conditions.
Upon closing, Simon will acquire a 50 percent interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders. Jamestown will operate independently and continue to be led by CEO Matt Bronfman and President Michael Phillips, who will retain their existing ownership. Christoph will transition from day-to-day involvement as the company's Chairman to a member of the new Jamestown Board of Directors.
The partnership will unlock new value creation opportunities and create a platform for future growth in the investment management sector. With Simon, Jamestown will gain a partner with a deep platform of resources and operational tools that will enhance the firm's ability to scale and grow. With Jamestown, Simon will gain an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer, utilizing the Jamestown platform to accelerate Simon's future densification projects.
"At Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centers, The partnership with Simon will help us achieve that goal and position us for our next chapter as we scale our differentiated products in an increasingly global world."
-Michael Phillips, President of Jamestown
We have been impressed with Jamestown's combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business, Their strong leadership team and track record align with our focus on investing in best-in-class partners. Jamestown is well-positioned for future growth, and we are excited about the continued expansion of Simon's investment platform, said David Simon, Chairman, CEO, and President of Simon.
For nearly four decades, Jamestown has strategically managed its portfolio, employing technology, innovation, and design-focused placemaking to create value for investors, This partnership will position Jamestown's long-standing management team to continue the firm's success story,said Matt Bronfman, CEO of Jamestown.
Jamestown is a global, design-focused real estate investment and management firm with a 39-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions totaling $40 billion. As of June 30, 2022, Jamestown has assets under management of $13.1 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam.
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.