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Quantum Global and Lasalle Investment Management target New York with second acquisition
Joint Venture Plaza acquires 49.5% stake in Fifth Avenue office block
Zug, Switzerland / London, GB (ots) - Quantum Global Real Estate ("Quantum Global") und LaSalle Investment Management ("LaSalle") announce that Plaza Global Real Estate Partners ("Plaza"), their joint venture, has contracted to purchase a 49.5% interest in 521 Fifth Avenue from SL Green Realty Corp. (NYSE: SLG) ("SL Green"). This is the second acquisition Plaza has made since it was formed earlier in the year to invest in large real estate assets around the globe. With leverage, Plaza has USD 1 billion gross of initial buying power and targets quality long-term investments in excess of $100 million located in the world's premier real estate markets.
521 Fifth Avenue is a prestigious office building with retail accommodation on ground and first floors, located on the northeast corner of Fifth Avenue and East 43rd Street in New York. This comes just months after Plaza made its first acquisition 23 Savile Row in Mayfair, one of the best prime office buildings in the West End of London.
Antoine Castro, Managing Director at Quantum Global Real Estate, said: "This reinforces Plaza's commitment to buying core properties in leading locations. It also underlines our strategy to acquire value-preserving premium assets. We are enthusiastic about partnering with New York's premier office landlord in this iconic property".
Simon Marrison, Europe CEO, LaSalle Investment Management, said: "521 Fifth Avenue is the perfect example of a long-term quality investment in a major market and meets the expectations for our portfolio. We are extremely pleased to be partnering with SL Green in the ownership of this property going forward."
Andrew Mathias, President of SL Green, commented: 'We are excited to be joining forces with LaSalle Investment Management and Quantum Global for the first time and we look forward to continuing our successful track record of building value for our joint venture partners. This investment highlights Manhattan's extraordinary appeal to leading institutional investors."
About Plaza Global Real Estate Partners
Plaza Global Real Estate Partners is targeting predominantly core real estate assets: quality long-term investments in excess of $100 million located in major mature real estate markets around the world. Initial focus is expected to be on Australia, France, Germany, the United Kingdom and the United States. The venture will seek to make investments on its own and also as part of club arrangements with like-minded institutional investors.
The multi-disciplinary team is being led by experienced industry veterans, including Quantum Global owner Jean-Claude Bastos de Morais and LaSalle's global CEO Jeff Jacobson, working with senior members of the Quantum Global team and Simon Marrison, Head and Chief Investment Officer of LaSalle's European private equity business, who will lead LaSalle's initiative in the venture.
About Quantum Global
Quantum Global is a group of internationally active companies in the fields of finance, asset and private wealth management, real estate development and investment consulting with over $8 billion of assets under management. Quantum Global Real Estate and Quantum Global Investment Management are focused on investment and asset management for central banks and sovereign wealth funds, whereas Quantum Global Private Wealth provides asset management services for high-net-worth individuals. Quantum Global Corporate Services provides advisory in the fields of finance, legal matters, marketing & communication and human resources. For more information, visit www.quantumglobal.ch.
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $47billion of assets under management of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and our clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com.
About SL Green
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2012, SL Green owned interests in 77 Manhattan properties totaling 39.3 million square feet. This included ownership interests in 27.5 million square feet of commercial properties and debt and preferred equity investments secured by 11.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet. The Company also has ownership interests in 31 properties totaling 4.5 million square feet in southern California.
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