From the second quater of 2006 through the first quarter of 2007, JAMESTOWN capitalized on the bull market and sold 73% of its core portfolio for $5.1 billion. Assets sold included iconic towers like the General Motors Building and 1211 Avenue of the Americas (Fox News Corporation headquarters) in New York, and the Ritz Carlton in Key Biscayne near Miami. This well-timed disposition strategy realized substantial gains for investors and cemented JAMESTOWN’s reputation in the real estate investment world.
JAMESTOWN owns several prominent core and core-plus assets, including Chelsea Market and One Times Square in New York, the Newbury Line porfolio in Boston, and Pacific Place in San Francisco. Assets under management at JAMESTOWN are currently valued at $3.7 billion, including our unrealized opportunity funds, Co-Invest 4 and Co-Invest 5. In addition, JAMESTOWN has two funds targeting timber tracts in the southeastern United States.
-
111 Eighth Avenue
111 8th Ave New York, NY
3 million square feet
At disposition tenants included, Google, Nike USA, barnesandnoble.com, Lifetime Entertainment and Deustch Advertising. As one of the largest office buildings in New York City, measuring approximately 2.9 million square feet, the sale of 111 Eighth Avenue is reported to be the largest single-asset sale in the U.S. in 2010 and the largest ever acquisition by a tenant/user.
-
1211 Avenue of the Americas
New York, NY
1.9 million square feet
At disposition, tenants included three Fox television studios, News Corporation, Ropes & Gray LLP, JP Morgan Chase, RBC Dain Rauscher, Wells Fargo and Morgan Stanley. The 45-story office tower is part of Rockefeller Center. It was sold in August 2006. At the time, the sale marked the second-largest real estate transaction in New York history.
-
General Motors Building
767 Fifth Avenue New York, NY
1.9 million square feet
At disposition, tenants included the flagship Apple store, Estee Lauder, Weil, Gotshal & Manges, General Motors, Bank of America, several high profile hedge funds and CBS. The asset enjoys a prime location opposite the Plaza Hotel on the southeastern corner of Central Park. It comprises an entire block bordered by Fifth Avenue, Madison Avenue, 58th and 59th Streets, and is in the middle of one of the most exclusive shopping areas in the world. CBS broadcasts its daily morning show from the building and the renovated Fifth Avenue plaza. After a successful re-capitalization, Jamestown sold the General Motors building in December 2006.
-
Union Square
San Francisco, CA
61,400 square feet
At disposition, tenants included Morton's Steakhouse, the Disney Store and Borders. The sale price shattered San Francisco’s record price per square foot for a commercial property. It was acquired in 1996, and sold in March 2007.
-
1290 Avenue of the Americas
New York, NY
2 million square feet
At disposition, tenants included The Equitable Life Assurance Society of the Unites States, The Bank of New York and Warner Communications. The building was acquired in 2002, and
sold in April 2006.
-
620 Avenue of the Americas
New York, NY
645,000 square feet
At disposition, tenants included Nike, The Gap, America Online, Bed, Bath & Beyond and TJ Max. When the building was constructed in 1896, it was known as one of the most elegant department stores on Manhattan’s “Ladies’ Mile.” It was acquired by Jamestown in 1998, and s
old in December 2006.
-
The Random House Headquarters
1745 Broadway New York, NY
675,000 square feet
The 25-floor office component of this mixed-use asset is leased through 2018 by Random House, Inc., the world’s leading book publishing house. It was acquired in 2003, and
sold in December 2006.
-
Ritz Carlton Key Biscayne
Miami, FL
Luxurious 302 room, five-diamond resort occupies 12 acres of beachfront and is located 15 miles from downtown Miami in exclusive Key Biscayne. After a successful recapitalization, Jamestown sold the Ritz Carlton Key Biscayne in May 2007.
-
One Federal Street
Boston, MA
1 million square feet
At disposition, tenants included Fidelity Investments, Bingham McCutchen, State Street Bank, Bank of America, Bear Stearns and The Harvard Club. Under Jamestown’s ownership, the property enjoyed the reputation of having the best tenant roster in the city. The property is among the most technically modern office buildings in Boston and earned BOMA’s prestigious “Office Building of the Year” award in 1994. Jamestown acquired the building in 2001, and sold it in May 2006.
-
125 High Street
Boston, MA
1 million square feet
At disposition, tenants included Bell Atlantic, Paine Webber, Telesector Resources Group, Merrill Lynch and Goldman Sachs. This building was acquired in 2001, and then
sold in August 2006.
-
4501 North Fairfax Drive
Arlington, VA
195,000 square feet
At disposition, tenants included the General Services Administration and Interstate Hotels and Resorts. It was acquired in 2003, and then
sold in December 2006.
-
3100 Clarendon Boulevard
Arlington, VA
245,000 square feet
At disposition, the entire office portion of the property was leased to the General Services Administration. The building was acquired in 1998, and
sold in December 2004.
-
Lenox Marketplace
3535 Peachtree Road, Atlanta, GA
422,000 square feet
This development was completed in 1998. At disposition, tenants included Publix, Target, Filene's Basement and Staples. It was sold in November 2004.
-
The Waikele Shopping Center
Honolulu, HI
521,000 square feet
At disposition, tenants included Kmart, Borders, Lowe’s, Sports Authority and OfficeMax. It was acquired in 1998
, and sold in September 2004.