Opening an office in New York is a natural extension for our firm's growth and execution, said Brian Watson, Founder and CEO of Northstar Commercial Partners. We chose New York for various reasons. First, it is the financial center of the United States and a number of our investors already operate in the City, making it a clear choice. Secondly, there are a significant amount of institutional equity and debt players who have a focus on real estate with offices nearby, and the 245 Park Avenue Building is in the heart of such activity. In the end, Manhattan was a logical choice for expansion, and as someone who was born and raised for a while in Upstate New York, it is good to be back at my roots.
Northstar's 245 Park Avenue office, located in Midtown Manhattan, provides access to hundreds of nearby investment firms already in the area. Completed in 1967, the building recently sold in 2017 to HNA Group for $2.21 billion.
Northstar's new Managing Director of Institutional Equity, Jason Psome, said, I have worked and lived in New York for most of my life, so I know it's integral to have established roots in the City. Our Manhattan office space will allow us to meet clients in the heart of the City.
Since 2000, Northstar has closed more than 140 deals across the United States, with the majority of debt and equity for these projects coming from institutional investors. The company currently has $1.36 billion of assets under ownership and management with a focus on vacant, distressed, value-add and income generating commercial real estate properties.
I've been in the commercial real estate business for more than two decades, so I know the importance of having a physical presence where you do business. New York, a gateway city, is the financial powerhouse of the world, and I'm looking forward to creating new relationships and enhancing established ones with our new office space finished Watson.
Northstar specializes in buying vacant, distressed, value-add, and income-generating assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people. Since Watson founded the company in 2000, Northstar has closed more than 140 deals, and currently has 46 retail, office, industrial/warehouse, medical, senior care, data centers, and day care facilities in 15 states under its investment, development, and management. The portfolio exceeds $1.36 billion of market value.
To learn more about Northstar Commercial Partners, please visit www.northstarcp.com, and for Brian Watson, please visit www.brianwatson.us.