For over thirty years Jamestown has been investing in strong markets across the country. The firm attributes its solid track record to a two pronged approach. First, as an operator Jamestown utilizes proven value strategies such as cutting expenses, converting basement, second story and loading dock space to retail and also buying out below market leases. Secondly, Jamestown has consistently shown discipline when buying and selling assets. For example, in an 18-month period starting in 2006, Jamestown was an aggressive seller of real estate. After performing a hold/sell analysis on each asset, Jamestown sold 73% of its core and core plus portfolio between the second quarter of 2006 and the first quarter of 2007.
Broadway Trade Center801 S BroadwayLos Angeles, CA
891,000 square feet
Originated: June 2016
Paid Off by Borrower: June 2018
- Opportunity to make senior, secured loan that was paid off by the borrower, resulting in an accretive return within two years.
- Largest historic redevelopment in Downtown Los Angeles, well-located as the southern anchor point of the Historic Core.
- Seven- and nine-story historic building with large floor plates and ceiling heights as high as 24 feet with significant opportunity for improvements and value creation.
Chelsea Market75 Ninth AvenueNew York, NY
1.2 million square feet
Purchased: August 2003
Sold: March 2018
- Located in New York’s Meatpacking District, at the time an underdeveloped but rapidly growing neighborhood.
- Opened to the public in 1997 combining a block of former warehouses, including the home of the National Biscuit Company where the Oreo was invented.
- Mixed-use asset with significant potential for growth consisting of a ground floor food hall and upper floor office space with the opportunity to attract high caliber technology and media tenants.
- Developed iconic food hall, now attracting over 9 million visitors annually and cementing Chelsea Market as a community hub and a globally recognized brand.
- Attracted top tier tenants to the ground floor with a commitment to small businesses and innovative new concepts including Blackbarn, Los Tacos No. 1, and Chef Eyal Shani’s Miznon.
- Spearheaded rezoning effort in 2011 to add 30,000 square feet of development rights to the property and opened the basement for retail use for the first time, adding an initial 13,000 square feet that has been well received.
Falchi Building31-00 47th AvenueLong Island City, NY
700,000 square feet
Purchased: April 2012
Sold: December 2016
- Five story mixed-use asset with a wide range of tenants including a mix of engineering, jewelry manufacturing, government, technology, and transportation.
- Located in Long Island City, a rapidly growing and low cost alternative to Manhattan with easy access to highways and transit, multiple entry points to and from Midtown Manhattan, and in close proximity to LaGuardia airport.
- Originally constructed in 1920 as a warehouse and distribution center for Gimbal’s, building amenities at purchase included 24/7 security, a food court, and tenant common areas.
- Executed upgrades to tenant common area and food court, expanding food options for tenants and creating a strong makers culture through food vendor pop-ups and production space for established tenants including Doughnut Plant and Juice Press.
- Added amenities, including a shared shuttle, and improved on-site parking.
- Repositioned 84% of space that was given back in 2014, leasing office space to Lyft, Regus, TLC, and Uber at accretive rates.
799 Market Street799 Market StreetSan Francisco, CA
142,902 square feet
Purchased: October 2012
Sold: June 2016
- Eight story mixed-use asset in a prominent and fast growing office market with barriers to entry.
- Located in the Yerba Buena submarket, half a block from Bay Area Rapid Transit station, with the ability to offer significant retail space on a highly trafficked and visible corner.
- Building infrastructure has ample power and bandwidth supply to support technology tenants and features ceiling heights at an average of 17” and natural light on three sides.
- Executed a modest capital improvement plan including improvements to the energy efficiency of the building, a lobby redesign, addition of bike storage and upgrades to common areas to increase the building’s appeal to technology sector tenants.
- Re-leased office space at accretive rents, capitalizing on the robust demand in San Francisco market.
- Increased weighted average in-place rent 18.7% over hold period.
733 10th Street733 10th StreetWashington, DC
171,000 square feet
Purchased: May 2012
Sold: February 2016
- Newly constructed, long-term leased class “A” office building in the East End submarket of Washington, D.C. with 4,000 square feet of vacant retail space on the ground floor and 20,000 square foot floorplates.
- 83% leased at acquisition, with three well-capitalized, private sector tenants holding long-term leases.
- Located in close proximity to the Verizon Center, 9th Street retail corridor and Metro Center, the largest Metro station in Washington, D.C.
- Fully leased the third floor office space to a private sector tenant and leased the challenging lower-level office space to an existing tenant with expansion needs.
- The ground floor retail space was leased to an Asian-inspired restaurant, driven in part by Jamestown’s internal leasing team.
- Following the leasing achievements, the building was 100% leased to top tier private-sector tenants with a weighted average remaining lease term of eight years.
Pacific Place22 Fourth StreetSan Francisco, CA
430,272 square feet
Purchased: December 2011
Sold: May 2014
- Prominent mixed-use asset comprising three adjoining properties, including 202,000 square feet of office, 130,000 square feet of retail, and a 198 room upscale hotel.
- Located at the corner of Market Street and Fourth Street in San Francisco, in the Yerba Buena submarket, two blocks from Union Square, with approximately 200 feet of Market Street retail frontage.
- Opportunities to add significant value through reconfiguring retail space and implementing capital improvements to reposition the office portion of the asset.
- Repositioned the office building to align with the emerging technology sector. Improvements included updating office space and corridors, a café, one of San Francisco’s first living green walls, an interactive water screen projection, and additional exterior upgrades.
- Worked with Old Navy to downsize their flagship store, recapturing additional retail space and signing a new lease with Levi’s, creating their new San Francisco flagship store.
- Signed long-term lease with Intuit, occupying 100% of the office space.
111 Eighth Avenue111 Eighth AvenueNew York, NY
2.9 million square feet
Purchased: March 2004
Sold: December 2010
- One of the largest properties in Manhattan at approximately 2.9 million RSF in desirable Midtown South submarket with average ceiling heights of 15 feet and an average floor size of 200,000 RSF.
- 13% vacant at acquisition,with an additional 16% of leases expiring through the end of 2006.
- Opportunity to upgrade and reposition the 72-year old building for high-quality tenants.
- Implemented a renovation plan that included vacating warehouse and wholesale tenants to assemble large blocks of space to upgrade.
- Building enhancements included overhauling vertical transportation systems, improving power plants, upgrading technology systems and updating finishes and fixtures in common areas and lobbies.
- Signed several landmark leases including credit tenants such as Deutsch Advertising, Barnes & Noble.com, Web MD, Verizon, Sprint, and the East Coast headquarters of the engineering division of Google.
- Asset held through economic downturn in order to complete the asset level business plan and repositioning, resulting in enhanced NOI and superior pricing on exit when building was sold to Google.
400 Post Street400 Post StreetSan Francisco, CA
61,400 square feet
Purchased: June 1996
Sold: March 2007
- Historic landmark with 62,000 RSF on a prominent corner located in the heart of Union Square.
- Features dominant ground floor retail space with extensive street front window line and highly visible rooftop billboard.
- At acquisition, the building’s three major tenants, Borders, The Disney Store and Morton’s Steakhouse, all had over 13 years until lease expiration.
- Opportunity to acquire building at a low basis and capitalize on the rapidly improving fundamentals of Union Square retail district through proactive lease restructurings.
- Jamestown approached Disney about vacating their space before their lease expired, as the firm saw an opportunity. Jamestown used this opportunity to expand Morton’s into the lease-desirable Disney space, at nearly double Morton’s previous rent, with no tenant allowances or concessions.
- As a condition to the expansion, Morton’s signed an early renewal, converting their lease structure from a variable rate deal to a fixed income stream.
- Remaining Disney space converted into more desirable “jewel box” retail space, which commanded dramatically higher rent.
General Motors Building767 Fifth AvenueNew York, NY
1.9 million square feet
Purchased: January 2005
Sold: January 2007
- One of the most widely recognized, trophy office buildings in the world.
- Located in Midtown Manhattan’s Plaza District, on the corner of Fifth Avenue and 59th Street, at the southeast corner of New York’s Central Park.
- At acquisition, approximately 170,000 square feet of premier office space vacant or rolling in robust leasing environment.
- Opportunity to release unused ground level retail and convert unusable basement space.
- 100,000 square feet of office leases signed at 25% higher rent than pro forma in less than two years.
- Collaborated with Harry Macklowe in negotiating lease with Apple for flagship Fifth Avenue store in previously unusable space. Lease contained both base rent and lucrative percentage rent components.
- Negotiated rezoning for and expanded retail on Madison Avenue by 15,000 square feet and quickly secured Chase Bank to occupy half of new space, increasing NOI by $7.5 million.
- Extended a two-story glass curtain wall to all four sides, enabling higher retail rents for spaces on Fifth Avenue.
1211 Avenue of the Americas1211 Avenue of the AmericasNew York, NY
1.9 million square feet
Purchased: April 2000
Sold: August 2006
- 1.9 million RSF, Midtown Manhattan office building located along the famous Sixth Avenue corridor known as Corporate Row and adjacent to Rockefeller Center.
- Commanding views of Midtown Manhattan and immediate access to amenities and subway lines. Additionally, floor plates ranging from 40,000 to 60,000 square feet offer flexible and efficient configurations.
- 1211 Avenue of the Americas benefitted from a roster of large, blue-chip tenants with long-term leases.
- In 2003, JPMorgan Chase advised of its preference for an early termination of its 475,000 square foot lease expiring in October 2010. Jamestown proactively negotiated a favorable early lease termination which included a termination fee. Since Jamestown believed rental rates in 2003 were low relative to their potential, Jamestown waited until 2005 to negotiate and execute leases for the former JPMorgan Chase space with tenants such as Morgan Stanley, Wachovia and law firm Ropes & Gray.
- In 2003, Jamestown accommodated News Corporation’s need for growth by directing expansion to less desirable lower floors and basement space. This solution provided News Corporation with production studios overlooking Sixth Avenue and highly desired street-level visibility.