Thor hires Mitsui Fudosan veteran to head US acquisitions team

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

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 Articles

arrow_forward_ios
From left: Thor Equities' Joseph Sitt, Lightstone's David Lichtenstein and Mitchell Hochberg with Skybridge Towers (Skybridge Towers, Getty)
About case: Joe Sitt drops suit against Lightstone execs
About case: Joe Sitt drops suit against Lightstone execs
Thor Equities’ Joe Sitt with139 Fifth Avenue
Under Armour to open Flatiron outpost at Thor’s 139 Fifth Ave
Under Armour to open Flatiron outpost at Thor’s 139 Fifth Ave
From left: Thor Equities chairman Joe Sitt, Lightstone Group chairman David Lichtenstein, and 6720a Rockledge Drive in North Bethesda, Maryland (Getty, Thor Equities, Lightstone Group, LoopNet)
Thor sues Lightstone execs for $80M
Thor sues Lightstone execs for $80M
Clockwise from left: Stefan Soloviev, Steve Cohen, Marc Holliday, Stephen Ross, Steven Roth, and Joseph Sitt (Illustration by Kevin Rebong for The Real Deal)
Going for the jackpot: A look at the high rollers competing to build NYC casinos
Going for the jackpot: A look at the high rollers competing to build NYC casinos
Illustration of Joseph Sitt (Illustration by The Real Deal; Getty; Thor)
Thor launches $3B “underdog” Brooklyn casino bid
Thor launches $3B “underdog” Brooklyn casino bid
Tishman Speyer's Andy Burke and 17 William Drive (Tishman Speyer)
Tishman Speyer, Mitsui Fudosan debut $500M industrial JV
Tishman Speyer, Mitsui Fudosan debut $500M industrial JV
Starwood's Barry Sternlicht and Thor Equities’ Joe Sitt with 470 Broadway (Getty, Thor Equities)
Thor unloads troubled 470 Broadway to Sternlicht’s LNR
Thor unloads troubled 470 Broadway to Sternlicht’s LNR
Thor Equities' Joseph Sitt (Joseph Sitt, Getty)
Thor completes hat trick of NJ industrial acquisitions
Thor completes hat trick of NJ industrial acquisitions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...