Joseph Sitt’s Thor Equities is losing its top residential acquisition executives to Silverpeak Real Estate Partners, sources told The Real Deal.
Alan Klein and Jonathan Fishman, who jointly ran the development firm’s residential arm, are expected to leave Thor sometime this month.
Over the past two years, Klein and Fishman led more than $290 million in multifamily acquisitions, including a $112 million purchase last year of a block of sponsor units at the Apthorp on the Upper West Side in partnership with Michael Fascitelli’s Imperial Companies.
Two existing executives will replace them — Marc Effren will lead residential acquisitions while Jim Bush will head up operations, a spokesperson for Thor confirmed. Effren will report to managing director Cory Elbaum and Bush will report to COO Melissa Gliatta.
Klein and Fishman, who joined Thor from Ofer Yardeni’s Stonehenge Partners in 2013, were hired to launch the residential division at Thor and specialized in one-off purchases of Upper Manhattan rental buildings.
In a statement, a Thor spokesperson said, “Since accelerating our residential acquisitions pace, Thor Equities has acquired close to a dozen multifamily buildings including prime properties in Harlem, Morningside Heights and the Upper West Side, with several more buildings currently in the pipeline. Alan and Jonathan were active in helping our executive team acquire and market these assets, and we wish them luck in their future endeavors.”
Klein and Fishman declined to comment, while a Silverpeak spokesperson could not be reached.
Klein and Fishman’s roles at Silverpeak were not immediately clear.
The Midtown-based investment firm, led by Mark Walsh and Brett Bossung, has more than $10 billion in real estate assets under management in the U.S. and has been ramping up its commercial real estate lending operation. Silverpeak and partners bought the Garland Center, a 733,000-square-foot office complex, in Los Angeles in June for $210 million.