Jamestown L.P.

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 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]

Jamestown L.P.
Type
IndustryReal estate
Founded1983 (1983)
FounderChristoph Kahl
Headquarters
Atlanta, Georgia
,
United States
Key people
  • Matt Bronfman (CEO)
  • Christoph Kahl (chairman)
  • Michael Phillips (president)
Websitewww.jamestownlp.com

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]

References
  1. Pruitt, A. D. (2011-01-08). "Jamestown Snaps Up New Property". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-29.
  2. Brick, Michael (2002-10-16). "German Funds Pour Money Into U.S. Properties". The New York Times. ISSN 0362-4331. Retrieved 2019-05-29.
  3. Bagli, Charles V. (1997-06-19). "Tower in Times Sq., Billboards and All, Earns 400% Profit". The New York Times. ISSN 0362-4331. Retrieved 2019-05-29.
  4. Grant, Peter (2018-03-20). "New York's Chelsea Market Seeks to Replicate Success in Other Cities". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-29.
  5. Sadovi, Maura Webber (2010-11-03). "Jamestown's Cautious View". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-29.
  6. Pristin, Terry (2004-12-29). "A Record Deal Now Looks Like a Good One, Too". The New York Times. ISSN 0362-4331. Retrieved 2019-05-31.
  7. Brown, Eliot (2012-12-26). "Ads, Not Tenants, Make Times $quare". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-31.
  8. Kingston, Charles (2017-03-10). "Secrets of a successful US real estate investor – Christoph Kahl". REFIRE. Retrieved 2019-05-31.
  9. Rhone, Nedra. "How Sears brought a retail revolution to Atlanta". ajc. Retrieved 2019-05-31.
  10. Bagli, Charles V. (2018-02-07). "$2.4 Billion Deal for Chelsea Market Enlarges Google's New York Footprint". The New York Times. ISSN 0362-4331. Retrieved 2019-05-31.
  11. Diesenhouse, Susan (2012-09-11). "Jamestown Properties Finds a Boom in Boston's Back Bay". The New York Times. ISSN 0362-4331. Retrieved 2019-05-31.
  12. Logan, Tim (January 15, 2019). "Newbury Street parking, apt to fetch millions, offers rare development opportunity". The Boston Globe. Retrieved 2019-05-31.
  13. Levy, Dan (September 24, 2013). "Jamestown Purchases Ghirardelli Square in San Francisco". Bloomberg. Retrieved 2019-05-31.
  14. Satow, Julie (2014-01-17). "Industry City, the SoHo of Sunset Park". The New York Times. ISSN 0362-4331. Retrieved 2019-05-31.
  15. "Real-Estate Firms Rolling Out New Funds for Mom-and-Pop Investors". The Wall Street Journal. 3 December 2019.
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