NEW YORK--(BUSINESS WIRE)--Perella Weinberg Partners Asset Based Value Strategy, a leading alternative asset management strategy and a unit of Perella Weinberg Partners, and Madison Marquette, a leading commercial real estate investment and operating company, today announced the sale of the Center Building, a 440,000 square foot mixed-use commercial property, to Vornado Realty Trust (NYSE: VNO).
Located at 33-00 Northern Boulevard in Long Island City, Queens, the Center Building was purchased by a joint venture formed between Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette in late 2012. The building was 88% leased at the time of acquisition and is now approximately 98% leased. Among its new tenants is the New York Foundling, which signed a 15-year lease for over 35,000 square feet at the property.
“When we acquired the Center Building, our goal was to enhance the value of this premier commercial complex, while contributing to the redevelopment of this rapidly growing area in the city,” said David Schiff, Partner at Perella Weinberg Partners and Portfolio Manager of the Asset Based Value Strategy. “Working closely with Madison Marquette, we have been able to meet our investment objectives in under two-year’s time and we are excited to pass stewardship of the building onto Vornado.”
Amer Hammour, Chairman of Madison Marquette, stated, “We are pleased with the tremendous success of the Center Building, our first acquisition with the joint venture. This project underscores our strategy of identifying highly attractive properties in emerging urban markets and creating value with more strategic leasing and repositioning. We are also very pleased to have contributed to the positive market momentum in Long Island City and look forward to furthering our partnership with Perella Weinberg Partners with future acquisitions.”
Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.
About Perella Weinberg Partners Asset Based Value Strategy
Perella Weinberg Partners Asset Based Value Strategy is a leading post-financial crisis provider of U.S. specialty finance solutions. Since inception in 2008, the strategy has grown to manage approximately $2 billion in equity capital through a number of different investment vehicles. Perella Weinberg Partners Asset Based Value Strategy can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. Capital for the strategy is contributed by, among others, a diversified group of institutional investors who seek to invest in compelling opportunities.
About Perella Weinberg Partners
Perella Weinberg Partners is a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments. The Advisory business advises clients on mergers, acquisitions, defense advisory, financial restructuring, private capital raising, and pension matters. The Asset Management business includes a suite of hedge fund strategies, private investment funds (including real estate) and outsourced CIO solutions. Together with its affiliates, the Asset Management business has capital commitments and managed assets of approximately $11.2 billion. Founded in 2006 and with more than 400 employees, Perella Weinberg Partners maintains offices in New York, London, Abu Dhabi, Denver, Dubai, and San Francisco. For more information on Perella Weinberg Partners, please visit http://www.pwpartners.com.
About Madison Marquette
Madison Marquette is a private real estate investment and operating company and a member of a global investment firm Capital Guidance, headquartered in Geneva, Switzerland. Founded in 1992, the firm employs a proven repositioning and redevelopment strategy to create value in infill and mixed-use assets in major urban gateway markets throughout the United States. Madison Marquette enhances returns while mitigating risk by directly controlling and managing the execution of its investment strategies. With more than 230 employees, Madison Marquette covers major U.S. markets through its offices in Washington, DC, San Francisco, Los Angeles, Seattle, San Diego, New York, Philadelphia, Dallas, and Fort Lauderdale. For more information on Madison Marquette, visit the company website at www.MadisonMarquette.com.