REAL ESTATE INVESTMENT
BDP Holdings | March 02, 2022
BDP Holdings, a New Jersey-based real estate investment company, announced today the acquisition of 27 and 35 Waterview Drive, a best-in-market, Class A office building in Fairfield County, Connecticut, part of the New York City Metropolitan Area. The 310,000 square foot facility is 100% leased to Pitney Bowes Inc.
The location at Waterview Drive is 100 percent leased to Pitney Bowes and just a short commute from the company's headquarters. Pitney Bowes is a well-established industry leader with a long track record of success whose revenues have only continued to grow over the last 24 months, We are thrilled to have acquired such a desirable property, located in such an affluent and scenic location as Fairfield County."
Dennis Lim, principal, BDP Holdings.
Located in the county of Fairfield, Connecticut's largest and wealthiest county, the Pitney Bowes location at Waterview Drive totals approximately 310,000 square feet situated on 22.7 acres of land and provides easy access to several major local roadways, as well as mass transit which offers an easy commute to Boston, New York City and Washington, D.C. The property consists of three stories of office space, with additional space utilized for assembly/warehousing and engineering. The building also includes a full-service cafeteria, fitness center and a scenic outdoor area, perfect for a post-COVID work environment. Built in 1995, the property has undergone many recent capital improvements, including a new roof and major office and lab renovations throughout, making it well-positioned for future productivity.
Pitney Bowes is a global technology leader which provides e-commerce, shipping and mailing services across various market segments and supports 90% of all Fortune 500 companies. The Pitney Bowes location at Waterview is considered a mission critical location, serving as an operations center for all business lines and containing the largest concentration of Pitney Bowes employees in the world. It is also in close proximity to the company's headquarters, located in Stamford, Connecticut.
In addition to Pitney Bowes, Fairfield County is home to 19 Fortune 1000 companies, including Indeed.com, UBS, WWE, Financial Charter Communications and many others. Just 60 miles from New York City, Fairfield is one of the most affluent counties in the country, with an extremely educated workforce. Nearly half of all workers hold at least a bachelor's degree. Fairfield also features many public and private golf courses, yacht and boat clubs, country clubs and marinas.
This is BDP Holdings' fifth investment in the New York City Metropolitan Area. BDP's leadership has invested more than $6.5 billion in value-driven real estate across the U.S.
About BDP Holdings
Led by a team with nearly 30 years of experience, BDP Holdings is a New Jersey-based real estate investment company specializing in the acquisition, development and repositioning of real estate in the New York Tri-State area and across the U.S. BDP focuses on properties in markets with high barriers to entry and then seeks to add value through the repositioning of current properties or the development of new properties and communities. BDP's executive team has invested in over $6.5 billion of value-driven real estate and acquired over five million commercial square feet in more than 30 states.
REAL ESTATE INVESTMENT
Taconic Capital Advisors | May 23, 2022
Taconic Capital Advisors, a global institutional investment firm, announced that it has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll (TCREDF III), with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated transactions.
One year into its investment period, TCREDF III has already committed or closed on $300 million of investments across 15 distinct transactions. Taconic believes the COVID pandemic accelerated pre-existing trends and distress in the CRE market. A combination of aggressive pre-COVID financing and transaction assumptions, oversupply in specific markets and COVID-related societal and demographic shifts should continue to apply significant pressure on the CRE market providing ample investment opportunities. Taconic anticipates that hotel and office assets will comprise the majority of the fund’s investments.
We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III. Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors."
James Jordan, principal and portfolio manager of Taconic Capital Advisors’ CRE investments
About Taconic Capital Advisors
Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide.
Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s unique and diverse transaction sourcing channels which including local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses. Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.
REAL ESTATE INVESTMENT
Walker & Dunlop | March 01, 2022
Walker & Dunlop, Inc. announced today that it closed on the previously announced acquisition of GeoPhy, a leading commercial real estate technology company.
We are excited to officially welcome GeoPhy founder and CEO, Teun van den Dries, and his entire team to Walker & Dunlop. GeoPhy's technology capabilities will allow us to dramatically accelerate the growth of our digitally driven businesses, including Apprise, our tech-enabled appraisal business, and our small balance lending (SBL) platform as we continue to differentiate the Walker & Dunlop platform through our people, brand, and technology."
Aaron Perlis, Walker & Dunlop Chief Information Officer.
Walker & Dunlop acquired GeoPhy for $85 million in cash paid at closing with an additional $205 million of cash earn-out potential structured to directly align with Walker & Dunlop's Drive to '25 goals surrounding growth in appraisal revenues, SBL volumes, and mortgage banking gains.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
REAL ESTATE ADVICE
REXFORD INDUSTRIAL | December 28, 2021
Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced that Angela Kleiman has been appointed as an independent director to the Company's Board of Directors effective December 31, 2021.
Ms. Kleiman is currently Senior Executive Vice President and Chief Operating Officer of Essex Property Trust (NYSE: ESS), a fully integrated real estate investment trust (REIT) and an S&P 500 company. Essex acquires, develops, redevelops and manages multifamily residential properties in select West Coast markets. Ms. Kleiman leads operations, which includes asset and property management, technology and data analytics, research and redevelopment. Ms. Kleiman previously served as the Essex Executive Vice President and Chief Financial Officer from 2015 to 2020 and managed the Essex Private Equity platform from 2009 to 2015. Prior to joining Essex, Ms. Kleiman held roles in institutional investment management and investment banking including Senior Equity Analyst and Vice President of Investor Relations at Security Capital and Vice President within J.P. Morgan's Real Estate & Lodging Investment Banking Group. Ms. Kleiman began her career in real estate development management in 1991. She holds a Bachelor of Science from Northwestern University and a Master of Business Administration from Northwestern's Kellogg School of Management. She is a member of NAREIT and the National Multifamily Housing Council.
We are excited to add Angela to Rexford Industrial's Board of Directors, Angela brings a wide breadth of real estate industry knowledge and valuable experience in the areas of operations, finance and real estate investments. We look forward to benefiting from her engagement and guidance as we continue to grow our platform and create value for our shareholders by investing in the infill Southern California industrial market."
Diana Ingram, Director and Chairperson of the Company's Nominating and Corporate Governance Committee.
In connection with Rexford Industrial's ongoing pursuit of enhanced board diversity and refreshment, Peter Schwab will be retiring from the Board at the end of his current term and will not stand for re-election. Mr. Schwab's decision was not due to any disagreement with the Company on any matter relating to its operations, policies or practices.
We are thankful for Peter's many years of service to the Company, having served on the board since 2014. At the same time, we look forward to Angela joining the Board as we continue to add new perspectives and expertise."
Richard S. Ziman, Chairman of Rexford Industrial.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 288 properties with approximately 36.1 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.