Colony NorthStar alumni launch new investment firm
Miramar Capital will target office, multi-family in California
Two former employees of Tom Barrack’s Colony NorthStar (CNS) have launched their own firm, Miramar Capital.
Paul Fuhrman, who was the executive director and head of U.S. acquisitions and CNS, and Jae Yi, who was a managing director responsible for sourcing and executing investments, are partnering with Perry Hariri in the new venture, PERE reported.
Hariri is a founder of longtime CNS partner Fortbay. Both Fuhrman and Yi left CNS in April.
In Los Angeles, Miramar will focus on office and multifamily investments in markets such as the South Bay and Culver City, according to PERE. It’s also established a joint venture with CNS to target development and re-entitlement opportunities in California, Fuhrman said.
The firm has already made one investment in Northern California, the acquisition of a Mountain View office building in partnership with an affiliate of Grand China.
Fuhrman said the company will raise money on a deal by deal basis for now, but might begin raising a fund down the line. [PERE] — Katherine Clarke