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