Nearly $1B in Assets Backs Jamestown Fund Launch

Capitalizing on the strength of three recent trophy acquisitions, Jamestown has moved into the public phase of its new vehicle Jamestown Premier Property Fund.

December 19, 2011
By Nicholas Ziegler, News Editor

One Times Square. Image courtesy Flickr user Bernt Rostad

Capitalizing on the strength of three trophy acquisitions of late, Jamestown has moved into the public phase of its new vehicle Jamestown Premier Property Fund. Those three assets – One Times Square in New York’s Midtown, Chelsea Market in NYC’s meatpacking district and the mixed-use Pacific Place in San Francisco – totaled more than $900 million.

Chelsea Market went through a $380 million financing deal in August 2011, showing the strength of the markets that Jamestown is targeting – stabilized properties in high-value areas. At the time, Dan Fasulo, managing director of research and consulting firm Real Capital Analytics told Commercial Property Executive that “lending on Manhattan assets is seen as less risky than other markets and that’s been evident through the downturn,” he said. “Of the troubled assets we had in the country, Manhattan had the highest recovery rate for lenders when there was a default. It’s proven to be rather resilient versus other markets.”

With its assets, the German-American fund is now searching for properties in additional U.S. metro areas, including Boston and Washington, D.C. The bulk of the financing for Jamestown’s acquisitions have come from pension funds in the United States, Australia and Europe, as well as $60 million from Jamestown senior management.

Park Hill Real Estate Group L.L.C. served as advisor to Jamestown in connection with the creation of the Premier Property Fund.