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Investing In New York City Commercial Real Estate

Leaseum Partners is raising a USD 250 million ’Enhanced Core-Plus’ Fund to invest in New York City commercial property. The Real Estate Management is led by an experienced team with an extensive track record. The focus will be on the office and multifamily sectors.

Renowned Real Estate Investor

Opportunity to access the expertise of one of the premier real estate families in the U.S.

Quarterly Dividends

Income from stabilized assets with potential for yield enhancement.

Long-Term Value Investing

Leaseum Partners offers a 10-year, closed-ended Fund.

Real Estate Investment Management Team

With over 2 million square feet in properties under management and several $Billion managed, our team has the expertise, network, and track record to deliver on our target returns.

Michael

Chetrit

Chetrit Organization

Real Estate Portfolio Manager

Michael Chetrit of the Chetrit Organization is Leaseum Partner’s Portfolio Manager. He has a track record aligned to Leaseum Partners’ strategy: investing in stabilized NYC Commercial Real Estate assets with potential for high income growth through enhancement and capital gain.

The Chetrit Organization is one of the most recognizable names in the American Real Estate market, and has owned, developed and managed some of the most iconic buildings in the US. From the former headquarters of Standard Oil, to the Tiffany’s building on Fifth Avenue, or the Willis Tower (formerly Sears Tower) in Chicago, once the tallest building in the world. Current tenants in Chetrit owned properties include some of the biggest brands in the world: L’Oreal, Capital One, and WeWork.

David

Dahan

Former Aviva Investors

Chief Investment Officer

David Dahan is Leaseum Partners Real Estate Chief Investment Officer. With over 25 years of experience, he was previously at Aviva Investors, where he served as Head of Listed Real Estate Securities, Managing Director - Secure Income (Real Estate & Infrastructure) and co-Head of Alternative Income Solutions.

As a member of Aviva Investors’ Real Estate Executive Committee, he had a wide range of responsibilities, including leading corporate and product development, creating and growing new investment businesses, and leading real-asset based income strategies, private equity, listed Real Estate securities, infrastructure and structured finance investment businesses and teams.

Core-Plus

Core-Plus strategy sources assets that have the ability to increase cash flows through light property improvements, management efficiencies or by increasing the quality of tenants and tend to be of high quality and well occupied. Historical rates of return range from 8-12%.

Value-Add

Value-Add strategy often have little to no cash flow at acquisition but have the potential to produce an increased amount of cash flow once the 'value has been added' through improvements or repositioning of the property. Historical rates of return range from 13-18%.

Enhanced Core-Plus

Enhanced Core+ is Leaseum Partners' approach to investing in stabilized assets with a robust income profile, but also with the opportunity to add leverage and to deploy focused and targeted value add asset management initiatives in order to enhance the yield.

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Portfolio Management Team Experience

850 Third Avenue

New York City

Key Achievements

Strong tenant list with recent lease renewals for largest existing tenants

Bought at a USD 40M discount to previous owner’s acquisition of the property in 2016

1/8

850 Third Avenue

New York City

Built in 1960 and designed by Emery Roth & Sons, 850 Third Avenue has a distinct wedding cake massing allowing it to standout amongst its contemporaries. It’s prime location in the bustling neighbourhood of Turtle Bay, Manhattan has attracted a strong tenant list, with the largest tenants having recently penned lease renewals.

Details

Current Owner: Subsidiary of The Chetrit Organization

Purchase date: 2019

Number of floors: 21

Sq Ft: 617,000

Acquisition Price: USD 422,000,000

Current Major Tenants: Shearman & Sterling, New York Police Dept, Discovery Communications

Standard Oil Building

26 Broadway - Financial District, New York City

Key Achievements

Led an aggressive leasing strategy and Increased occupancy by approximately 35%

Increased rent per SF by over 40% and reduced operating costs by 10% through aggressive leasing strategy and capital expenditure

Asset stabilized at a current occupancy rate of over 90%, well above market

Increased the diversification of tenants over multitude of fields. Tenants include Primary (Co Working Space with over 75,000 SF), New York Film Academy (45,000 SF), Language Schools, Architectural Firm WRNS and Fashion Blog High Snobiety.

2/8

Standard Oil Building

26 Broadway - Financial District, New York City

26 Broadway, also known as the Standard Oil Building, was built by Rockefeller for his “Standard Oil” company headquarters and is the building where he used to have his office. The Standard Oil building is a 160 meter landmark office building which is located in Bowling Green in the Financial District of New York City. During 2017 the structure was named the 220th tallest building in New York and 650th in the US. Arching over the City. 26 Broadway remains a famous piece of material for corporates and businesses alike.

Details

Current Owner: Subsidiary of The Chetrit Organization

Purchase date: 2007

Number of floors: 32

Sq Ft: 860,000

Acquisition Price: $225MM

Price Per Sq Ft: $261

Current Major Tenants: Standard, Primary, NY Film Academy

428 Broadway

Soho, New York City

Key Achievements

Successfully transformed the entire office portion of the building from entirely vacant to 100% occupancy rate.

Through leasing strategy, white boxing spaces and major capital expenditures, leased entire office portion to Co working giant We Work at above market rates.

3/8

428 Broadway

Soho, New York City

The 428 Broadway in Soho is famous for its placement within the City of New York. Sitting at the corner, it provides tenants with a chance to be part of one of the trendiest neighborhoods in the city. The ground floor and basement are available for retail. This corner gets heavy foot traffic seven days per week and offers great street-level exposure to all tenants. Neighbors include Bloomingdale’s, Topshop, H&M and Tommy Hilfiger.

Details

Current Owner: Subsidiary of Chetrit Organization

Purchase date: 2005

Number of floors: 6

Sq Ft: 51,000

Purchase Price: $22.5MM

Price Per Sq Ft: $441

Current Tenant: WeWork

427 Broadway

Soho, New York City

Key Achievements

Current occupancy Rate: Office portion 100% leased

Previously vacant

Leased entire office portion to PSYOP Media Company at above market rates with yearly escalations.

4/8

427 Broadway

Soho, New York City

Sitting in-between Little Italy and Lower Manhattan on the corner of Howard Street, the 427 Broadway enlightens the neighborhood with its Venetian Renaissance style and touch of French Renaissance details.

Details

Current Owner: Subsidiary of Chetrit Organization

Purchase date: 2005

Number of floors: 5

Sq Ft: 36,000

Purchase Price: $13.7MM

Price Per Sq Ft: $380

Current Tenant:PSYOP Media Company

401 Fifth Avenue

New York City

Key Achievements

Occupancy Rate: Office portion 100% leased

Renegotiated Main office portion tenant (over 80%) for a ten year extension and expansion making it the American Eagle’s headquarters in NY.

Rents increased by over 10% starting year one with yearly escalations above expected inflation.

5/8

401 Fifth Avenue

New York City

The former Tiffany & Co building is located in Midtown Manhattan, at the southeast corner of Fifth Avenue - 37th Street. It is a eight-story masonry structure, with an exterior, finished in iron, marble and terra cotta - ensures it stands out from the crowd. The exterior's monumental appearance makes it look like it only has three stories, with tall window groupings creating this illusion. 

Details

Current Owner: Subsidiary of Chetrit Organization

Purchase date: 2005

Number of floors: 8

Sq Ft: 220,000

Current Major Tenant: American Eagle

404 Fifth Avenue

New York City

Key Achievements

Occupancy Rate: Office portion 100% leased

Negotiated lease for 80% of the office portion with Coworking Giant WeWork resulting in a 100% stabilized office portion

6/8

404 Fifth Avenue

New York City

Built with a neoclassical and a Chicago School of Architecture design, 404 5th Avenue has many unique characteristics. Large Chicago-style windows cover the building and this is aligned with a magnificent blue and white terra cotta coating on the corners, to add an unexpected but intricate detail to the construction. Due to its Prime location, the buildings tenants include: Capital One.

Details

Current Owner: Subsidiary of Chetrit Organization

Purchase date: 2016

Number of floors: 8

Sq Ft: 120,000

Current Tenants: WeWork, L’Oreal, Capital One

Willis / Sears Tower

Chicago

Key Achievements

Iconic deal : The building was once the tallest in the USA

Exit price : Highest ever paid price for a US office tower outside NYC

7/8

Willis / Sears Tower

Chicago

The Willis Tower, formerly Sears Tower, still commonly known as the Sears Tower stands at 110 stories high in the centre of the Chicago skyline. It is the second tallest building in the United States and the Western hemisphere and is one of Chicago’s most popular tourist destinations – more than 25,000 people enter the building each day.

Details

Sale date (Exit): 2015

Purchase date: 2004

Number of floors: 110

Sq Ft: 4,56MM

Purchase Price: $841MM

Sale price (Exit): $1,3 Billion

Sony Building

550 Madison Avenue, New York City

Details

Sale Date (Exit): 2016

Purchase date: 2013

Buyer: Olayan America

Number of floors: 37

Sq Ft: 1M Approx.

Purchase Price: $1.1 Billion

Sale price (Exit): $1.45 Billion

8/8

Sony Building

550 Madison Avenue, New York City

550 Madison Avenue, formerly known as the Sony Building, stands at 197 meters tall in the New York City skyline. Located in one the most central parts of Manhattan, this iconic building is in a class of its own, with a mix of modern and structurally historic features – something which no other building in New York possesses.

Team

Steve

Sillam

Chief Executive Officer

Private Equity, Real Estate & Consulting

Lior

Abehassera

Head of Investor Relations & Business Development

Former Director Natixis CIB, BNP Paribas

Barry

Seeman

US Investor Relations & Business Development

Former Managing Director Aegon Americas, Natixis Alternative Investments, Celestar Capital Advisors, Axa Capital Advisors, Citi

Michael

Abib

EMEA Investor Relations & Business Development

Former Senior Vice President Citi, Credit Suisse, Societe Generale

Jonny

Fry

Senior Advisor

Over 25 years experience as CEO of Premier Asset Management (£1bn+ under management, floated in London)

Rui

Soares

Senior Advisor

Investment professional with 18 years of experience in M&A, ECM, Quantitative Proprietary Trading, Hedge Fund Management

Peter

Lennon

Senior Advisor

US qualified lawyer, 30+ years experience of legal, compliance and regulatory matters involving complex financial issues

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