Westbrook Partners lands investment from Goldman Sachs

Subsidiary Petershill buys undisclosed stake

National /
Oct.October 22, 2018 01:30 PM

W Hotel Union Square at 201 Park Ave South and Christian von Schimmelmann, co-head of Goldman Sachs Asset Management’s Petershill program (Credit: W Hotels of New York and LinkedIn)

Petershill, a subsidiary of Goldman Sachs’ asset management unit, has bought a stake in real estate investment firm Westbrook Partners.

Westbrook’s CEO Paul Kazilionis, who revealed the investment, declined to say how big a stake Petershill is buying, the Wall Street Journal reported. As part of the deal, Westbrook is changing its ownership structure. Formerly owned just by Kazilionis, the company will now be owned in part by other Westbrook executives and Goldman Sachs.

Investing in a purely dedicated real estate firm is a first for Petershill, which invests in alternative asset managers.

Westbrook, founded in 1994, is headquartered in West Palm Beach, Florida, and has $11 billion in real estate under management across the globe. The company co-owns the Four Seasons tower in Miami’s Brickell neighborhood. In New York, Westbrook recently bought the Union Square W Hotel for $165 million, and sold the Wagner at the Battery, a hotel in Lower Manhattan, for $147 million. [WSJ] — Konrad Putzier


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
OneTitle's Seth Brown (iStock)

OneTitle set out to change the title industry. Now it’s out of business

OneTitle set out to change the title industry. Now it’s out of business
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Pension fund investors are seeking to take cash out of real estate funds as property values fall, like at Water Tower Place in Chicago (Photo via iStock; Wikipedia Commons)

Core real estate funds delay investors from cashing out

Core real estate funds delay investors from cashing out
arrow_forward_ios

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

Loading...