Westbrook Partners lands investment from Goldman Sachs

Subsidiary Petershill buys undisclosed stake

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

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

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

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

Tore Steen, CEO of CrowdStreet (Credit: iStock)

CrowdStreet lands $12M in financing, hires execs

A rendering of the The Epic in Dallas, Texas and Westdale CEO Joe Beard (Credit: Westdale, Wikipedia)

No panic: Westdale mulls $50M Series B bond raise in Tel Aviv

Jho Low and the Time Warner Center at 25 Columbus Circle (Credit: Getty Images)

Financier at center of 1MDB fraud case agrees to give up hundreds of millions of dollars