Thor hires Mitsui Fudosan veteran to head US acquisitions team

Jeff Menard recently served as VP of acquisitions at the Japanese firm

TRD New York /
Feb.February 26, 2018 11:50 AM

Joe Sitt and Jeff Menard

Joseph Sitt’s Thor Equities hired Mitsui Fudosan veteran Jeff Menard to head its North America acquisition team, the company announced Monday.

Menard had worked at Mitsui Fudosan America since 2007, most recently as vice president of acquisitions. In September, the Japanese investment firm bought a 90 percent stake in Related Companies and Oxford Properties Group’s $4 billion office project 50 Hudson Yards.

Menard joins a company that aggressively bought New York retail properties in recent years but is now dealing with a softening leasing market. Late last year the company lost most of its interest in three Manhattan retail properties, including 685 Fifth Avenue, to joint venture partner General Growth Properties to pay off debt.

The company’s longtime CFO, Michael Schurer, stepped down in January 2017 after nine years at Thor. He was replaced by Fess Wofse, who previously served as CFO for Apollo Global Real Estate Management. Around the same time Shurer departed, the company’s top two residential executives, Alan Klein and Jonathan Fishman left for Silverpeak Real Estate Partners.

In December, Thor closed on the James New York Hotel in Soho for $66.3 million after a protracted legal battle with the seller. Earlier this month, The Real Deal reported that Thor and partner Premier Equities are selling the Meatpacking District fully occupied by Lexus to a subsidiary of Germany’s largest bank for $88 million. — Konrad Putzier


Related Article

arrow_forward_ios
545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce

Thor is breaking into the life sciences industry

James Hotel at 27 Grand Street and Thor Equities' Joseph Sitt (Credit: Google Maps)

Thor plans overhaul of James Hotel

Thor Equities chairman Joe Sitt and 1006 Madison Avenue

Thor in danger of losing Madison Ave property

545 Madison Avenue and Thor Equities' Joe Sitt

Thor Equities in hot water at 545 Madison

From left: Joseph Sitt, Yaron Jacobi and Uzi Ben Abraham; 117 East 15th Street, 1122 Madison Avenue and 96-33 Queens Boulevard (Credit: Google Maps, Getty Images)

Here’s what the $10M-$30M NYC investment sales market looked like last week

arrow_forward_ios