The Real Deal New York

LeBron James, Arnold Schwarzenegger are investors in Georgetown and Bill Ackman’s Far West Side office building

Celebrities join ownership at 787 11th Avenue
May 14, 2018 09:05AM

From left: LeBron James, Arnold Schwarzenegger and 787 Eleventh Avenue

A group of celebrities including LeBron James and Arnold Schwarzenegger has invested in Georgetown Company and Bill Ackman’s Hell’s Kitchen office building.

Georgetown also brought in music mogul Jimmy Iovine and Boston Red Sox chairman Tom Werner as investors on 787 Eleventh Avenue, the New York Post reported. The value of the investments was not disclosed.

Adam Flatto’s Georgetown Company and Ackman’s Pershing Square Capital Management bought the 464,000-square-foot former Ford Motor Co. building in 2015 for $255.5 million.

Pershing Square is relocating its offices to the Far West Side building, where it inked a lease for 67,000 square feet in 2016. Ackman, an avid tennis player, is building a tennis court on the building’s roof. [NYP]Rich Bockmann