Jamestown L.P.

Last updated

Jamestown L.P.
Type
Industry Real estate
Founded1983;41 years ago (1983)
FounderChristoph Kahl
Headquarters
Atlanta, Georgia
,
United States
Key people
  • Matt Bronfman (CEO)
  • Christoph Kahl (chairman)
  • Michael Phillips (president)
Parent
Website www.jamestownlp.com

Jamestown L.P. is a real estate investment and management company based in Atlanta, Georgia. The company invests in commercial and mixed-use real estate developments in several cities in the United States. [1] [2] Among Jamestown's properties is the One Times Square building, the site of the annual New Year's ball drop in Manhattan, New York, [3] as well as Ponce City Market in Atlanta and Industry City in Brooklyn. As of 2018, Jamestown maintains more than $11 billion in assets under management. [4]

Contents

History

Jamestown was founded in 1983 by the German investor Christoph Kahl. [5] The company was initially backed by investors primarily located in Germany. [1] [2] In one of its first high-profile acquisitions in 1997, Jamestown purchased One Times Square in Manhattan, New York, from Lehman Brothers for $110 million. [3] The property is the site of the annual New Year's ball drop celebration.

In 2004, Jamestown invested $300 million into the General Motors Building on Fifth Avenue in Manhattan. [6]

As of 2012, One Times Square brought in more than $23 million in revenue as its billboards are visible to millions of pedestrians each year. [7]

Twelve months before the onset of the 2008 financial crisis, Jamestown liquidated 75% of its investments and reimbursed the proceeds to its investors. [8] The company then made more than $500 million of real estate investments in 2010 [1] including acquiring a former Sears building from the city of Atlanta [9] which was redeveloped into Ponce City Market. [5]

In 2011, Jamestown acquired full ownership of Chelsea Market (located across the street from 111 Eighth Avenue) adding to the 75% stake in the building acquired in 2003. After a total investment of $790 million in the property, [4] Jamestown later sold Chelsea Market to Google's parent company, Alphabet Inc. in 2018 for $2.4 billion. [10]

The company also made a large investment in the Back Bay area of Boston, Massachusetts in 2012. Jamestown's properties along Boston's Newbury Street encompassed 15% of the buildings on the street being developed as a shopping district. Purchased for $226 million, [11] the Back Bay area property was sold to the North Carolina-based Asana Partners in 2018 for nearly $300 million. [12]

In 2013, Jamestown acquired for $54 million the retail portion of Ghirardelli Square in San Francisco, a 100,394-square feet property near Fisherman's Wharf. [13] Along with partners, the company also acquired a 50% stake in Industry City, a 16-building complex covering 6 million square feet. Jamestown planned a $100 million investment in renovations. [14]

In December 2019, Jamestown began marketing an investment fund that targets individuals, with a minimum investment of $2500. [15]

In 2022, Simon Property Group acquired a 50% stake in Jamestown from the latter's original partners. [16]

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References

  1. 1 2 3 Pruitt, A. D. (January 8, 2011). "Jamestown Snaps Up New Property". Wall Street Journal. ISSN   0099-9660 . Retrieved May 29, 2019.
  2. 1 2 Brick, Michael (October 16, 2002). "German Funds Pour Money Into U.S. Properties". The New York Times. ISSN   0362-4331 . Retrieved May 29, 2019.
  3. 1 2 Bagli, Charles V. (June 19, 1997). "Tower in Times Sq., Billboards and All, Earns 400% Profit". The New York Times. ISSN   0362-4331 . Retrieved May 29, 2019.
  4. 1 2 Grant, Peter (March 20, 2018). "New York's Chelsea Market Seeks to Replicate Success in Other Cities". Wall Street Journal. ISSN   0099-9660 . Retrieved May 29, 2019.
  5. 1 2 Sadovi, Maura Webber (November 3, 2010). "Jamestown's Cautious View". Wall Street Journal. ISSN   0099-9660 . Retrieved May 29, 2019.
  6. ↑ Pristin, Terry (December 29, 2004). "A Record Deal Now Looks Like a Good One, Too". The New York Times. ISSN   0362-4331 . Retrieved May 31, 2019.
  7. ↑ Brown, Eliot (December 26, 2012). "Ads, Not Tenants, Make Times $quare". Wall Street Journal. ISSN   0099-9660 . Retrieved May 31, 2019.
  8. ↑ Kingston, Charles (March 10, 2017). "Secrets of a successful US real estate investor – Christoph Kahl". REFIRE. Retrieved May 31, 2019.
  9. ↑ Rhone, Nedra. "How Sears brought a retail revolution to Atlanta". ajc. Retrieved May 31, 2019.
  10. ↑ Bagli, Charles V. (February 7, 2018). "$2.4 Billion Deal for Chelsea Market Enlarges Google's New York Footprint". The New York Times. ISSN   0362-4331 . Retrieved May 31, 2019.
  11. ↑ Diesenhouse, Susan (September 11, 2012). "Jamestown Properties Finds a Boom in Boston's Back Bay". The New York Times. ISSN   0362-4331 . Retrieved May 31, 2019.
  12. ↑ Logan, Tim (January 15, 2019). "Newbury Street parking, apt to fetch millions, offers rare development opportunity". The Boston Globe. Retrieved May 31, 2019.
  13. ↑ Levy, Dan (September 24, 2013). "Jamestown Purchases Ghirardelli Square in San Francisco". Bloomberg. Retrieved May 31, 2019.
  14. ↑ Satow, Julie (January 17, 2014). "Industry City, the SoHo of Sunset Park". The New York Times. ISSN   0362-4331 . Retrieved May 31, 2019.
  15. ↑ Grant, Peter (December 3, 2019). "Real-Estate Firms Rolling Out New Funds for Mom-and-Pop Investors". The Wall Street Journal.
  16. ↑ "Simon (SPG) Completes Jamestown's 50% Interest Acquisition". www.yahoo.com. December 20, 2022. Retrieved May 21, 2023.
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