Dune Real Estate Partners will open its first Los Angeles office, and the investment firm has set an ambitious goal for its West Coast expansion.
The New York-based company hired Aaron Greeno to build out the business, and set up a team of three to five people, according to Pere News. Dune has been operating its West Coast operation out of the New York office, according to the report.
Dune said the Western U.S. could grow to half of its investment business in the future. The company currently has around $4.6 billion in assets under management.
Greeno joins Dune after 13 years with Morgan Stanley, where he managed the bank’s West Coast acquisition team and oversaw investment activity. He held various positions at Morgan, including managing investments for its core and opportunistic funds, and co-leading U.S. investments for its real estate group.
Dune has made some West Coast investments, including in L.A., San Francisco and Portland. It has also been active in Hawaii. The firm has a stake in a Santa Monica luxury multifamily project together with KRE Capital and Witkoff Group.
Dune partnered with L.A.’s Michael Shabani on a 21,000-square-foot retail investment in West Hollywood. They sold that property to Randall Realty Group for $36 million last year, roughly twice what they paid for it in 2016. [Pere] — Dennis Lynch