AECOM, Canyon Partners JV will spend $4B to develop properties nationwide

The partnership will build residential, office and mixed-use, then sell to institutional investors

National /
Feb.February 25, 2019 10:00 AM
AECOM CEO Michael Burke and Canyon Partners’ co-CEOs Joshua Friedman and Mitchell Julis 

AECOM Capital and Canyon Partners will invest $4 billion into a joint venture for developing “large-scale, institutional quality” commercial real estate projects across the country.

AECOM Capital — the investment arm of AECOM — and asset management firm Canyon will focus on developing core assets in the top 25 U.S. markets, according to a joint release. That includes in the Los Angeles area, where both companies are headquartered.

The partnership will develop on all property types, including residential, office and mixed-use complexes, and sell to institutional buyers.

The joint venture has so far invested $65 million into three projects. Those include a mixed-use development in L.A.’s Culver City, called Ivy Station; a 250-key hotel in Silicon Valley’s Menlo Park; and a 525-unit project in Washington, D.C.

Both firms are heavily active in Los Angeles. AECOM is developing a 51-story tower in Downtown’s South Park neighborhood. The project was one of the largest proposed last year. It’s also managing construction on Related Companies’ and CORE’s $1 billion Grand Avenue development, executing a Frank Gehry design that includes two large towers.

Canyon manages a number of assets around L.A. and has provided financing on new construction as well.


Related Articles

arrow_forward_ios
Deal of the Art: Chen gets $31.5M for Hollywood gallery
Deal of the Art: Chen gets $31.5M for Hollywood gallery
Deal of the Art: Chen gets $31.5M for Hollywood gallery
Kidder Mathews taps CIM Group exec to lead LA operations
Kidder Mathews taps CIM exec to lead LA operations
Kidder Mathews taps CIM exec to lead LA operations
808 S. Broadway and Steve Needleman of Anjac Fashion Buildings (Google Maps, Getty)
Downtown LA’s biggest rentals set for Fashion District
Downtown LA’s biggest rentals set for Fashion District
LTC Properties CEO Wendy Simpson (Getty)
Senior housing mortgage REIT puts $46M into Q3 deals
Senior housing mortgage REIT puts $46M into Q3 deals
PS Business Parks CEO Mac Chandler and new CFO Adeel Khan (PS Business Parks, LinkedIn via Khan)
PS Business Parks taps former Rexford exec as CFO
PS Business Parks taps former Rexford exec as CFO
Councilmember Joe Busciano and Council President Nury Martinez (Getty, Busciano)
LA delays vote on strict vaccine requirement for indoor spaces
LA delays vote on strict vaccine requirement for indoor spaces
SoLa Impact founder and CEO Martin Muoto, whose firm plans an apartment complex in Park Mesa Heights (Google Maps, SoLa Impact)
SoLa Impact plans 195-unit rental complex in Park Mesa Heights
SoLa Impact plans 195-unit rental complex in Park Mesa Heights
LA County Board of Supervisors. From left to right: Holly J. Mitchell, Janice Hahn, Sheila Kuehl, Kathryn Barger and Hilda L. Solis (Getty, Board of Supervisors)
LA County commercial landlords can’t evict tenants just yet
LA County commercial landlords can’t evict tenants just yet
arrow_forward_ios

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

Loading...