Meadow Partners announced today the acquisition of two trophy-quality commercial real estate assets in Manhattan with a combined value over $200 million. The acquisition includes 655 Fifth Ave nue, a prime retail asset fully leased to Salvatore Ferragamo, and 100 Broadway, a beautifully restored 400,000 square foot historic multi-tenant office building. The transaction was completed through a joint venture of Meadow Real Estate Fund I LP, Madison Capital, and CPP Investment Board, an existing Meadow Fund I institutional investor.
“This acquisition represents terrific value with significant potential upside to our investors and is a great representation of the type of investment and asset quality that we are see king to add to our portfolio,” said Timothy Yantz, Partner of Meadow Partners. “We are also very excited to expand our relationship with CPPIB.”
Meadow Partners is currently investing Meadow Rea l Estate Fund I LP, a fully discretionary vehicle, which was formed in 2009 to pursue the opportunistic acquisition of real estate assets in New York City and London. Meadow Partners is a privately owned investment and asset management firm focused specifically on the real estate industry. The senior members of Meadow Partners have over 40 years of collective real estate investment experience, and have been responsible for the acquisition of $23 billion of real estate assets in the United States, Europe and Asia.
The CPP Investment Board is a professional investment management organization based in Toronto whose sole purpose is to invest the assets of the Canada Pension Plan in a way that maximizes returns without undue risk of loss. The CPP Investment Board was incorporated as a federal Crown corporation by an Act of Parliament in December 1997 and made its first investment in March 1999. The CPP Fund currently totals $140.1 billion.
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