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 Articles

666 Fifth Avenue, 1251 Sixth and Mitsui Fudosan America's John Chesterfield (Credit: Google Maps, Getty Images)

Law firm exiting 666 Fifth Ave amid $400M overhaul

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Alderman Brendan Reilly (Credit: iStock)

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M