New York City
Commercial Real Estate

Core-Plus

Core-Plus strategy sources assets that have the ability to increase cash flows through light property improvements, management efficiencies or by increasing the quality of tenants and tend to be of high quality and well occupied. Historical rates of return range from 8-12%.

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Value-Add

Value-Add strategy often have little to no cash flow at acquisition but have the potential to produce an increased amount of cash flow once the ‘value has been added’ through improvements or repositioning of the property. Historical rates of return range from 13-18%.

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Enhanced Core-Plus

Enhanced Core+ is Leaseum Partners’ approach to investing in stabilised assets with a robust income profile, but also with the opportunity to add leverage and to deploy focused and targeted value add asset management initiatives in order to enhance the yield.

$250 Million

Leaseum Partners is raising a $250 million Enhanced Core-Plus fund to invest in New York City commercial property.

Quarterly Dividends

Income from stabilized assets with potential for yield enhancement.

Long-Term Value Investing

Leaseum Partners offers a 10-year, closed-ended Fund.

Real Estate Management Team

Michael

Chetrit

Linkedin Profil

Portfolio Manager



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.

David

Dahan

Linkedin Profil

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.

Portfolio Management Team Experience


Exited

Sony Tower

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.


Details

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




Sony Tower

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.


Details

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

Existing Portfolio

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.

428 Broadway

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

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