Leaseum Partners is raising a $250 million Enhanced Core-Plus fund to invest in New York City commercial property.
Income from stabilized assets with potential for yield enhancement.
Leaseum Partners offers a 10-year, closed-ended Fund.
Michael Chetrit of the Chetrit Organization has a track record aligned to Leaseum Partners’ strategy of investing. That is, investing in stabilized NYC Commercial Real Estate assets with potential for high income growth through enhancement.
The Chetrit Organization is one of the most recognizable names in the American Real Estate market and has owned, developed and managed some of the most iconic buildings in the US. From the former headquarters of Standard Oil, to the Tiffany’s building on Fifth Avenue to the Willis Tower (formerly Sears Tower) in Chicago, once the tallest building in the world. Current tenants in Chetrit owned properties include some of the biggest brands in the world: L’Oreal, Capital One, and WeWork.
Chief Investment Officer
With over 25 years of experience, David Dahan was previously at Aviva, the
12th biggest insurance company in the world, where he served as Head of Listed Real Estate Securities and
co-Head of Alternative Income Solutions (Managing Director Real Estate, Infrastructure).
As a member of Aviva Investors’ Real Estate Executive Committee, he oversaw a wide range of responsibilities, including leading strategic and corporate development, creating and growing a number of new businesses, and leading real-asset based income strategies, private equity, listed real estate securities, infrastructure, and structured finance investment businesses and teams.
550 Madison Avenue, formerly known as the Sony Tower, stands at 197 meters tall in the New York City skyline. Located in one the most central parts of Manhattan, this iconic building is in a class of its own, with a mix of modern and structurally historic features – something which no other building in New York possesses.
Sale Date (Exit): 2016
Purchase date: 2013
Buyer: Olayan America
Number of floors: 37
Sq Ft: 1M Approx.
Purchase Price: $1.1 Billion
Sale price (Exit): $1.45 Billion
Willis Sears Tower
The Willis Tower, formerly Sears Tower, still commonly known as the Sears Tower stands at 110 stories high in the centre of the Chicago skyline. It is the second tallest building in the United States and the Western hemisphere and is one of Chicago’s most popular tourist destinations – more than 25,000 people enter the building each day.
Sale Date (Exit): 2015
Purchase date: 2004
Buyer: The Blackstone Group
Number of floors: 110
Sq Ft: 4,56MM
Purchase Price: $841 Million
Sale price (Exit): $1.3 Billion
Willis / Sears Tower
850 3rd Avenue
Constructed in 1960 with a ‘wedding cake’ massing.
Strong tenant list with recent lease renewals for largest existing tenants.
Bought at a USD 40M discount to previous owner’s acquisition of the property in 2016.
Standard Oil Building
Increased rent per SF by over 40% and reduced operating costs by 10%
Aggressive leasing strategy led to occupancy increase by approx. 35%
Asset stabilized at a current occupancy rate of over 90%, well above market.
Successfully converted the entire office portion of the building from entirely vacant to 100% occupancy rate
Through an aggressive leasing strategy, white boxing spaces and major capital expenditure, leased entire office portion to co-working giant WeWork at above market rates
427 Broadway sits in-between Little Italy and Lower Manhattan on the corner of Howard Street
Office portion 100% leased having been previously vacant
Leased entire office portion to PSYOP at above market rates with yearly escalations in place
401 Fifth Avenue
Former Tiffany and Co Building. Office portion 100% leased.
Renegotiated main office portion tenant (over 80%) for a ten year extension and expansion making it the American Eagle’s headquarters in NY.
Rents increased by over 10% starting year one with yearly escalations above expected inflation.
404 Fifth Avenue
Occupancy Rate: Office portion 100% leased.
Negotiated lease for 80% of the office portion with Coworking Giant WeWork resulting in a 100% stabilized office portion.
Current tenants include WeWork, L'Oreal and Capital One