Billionaire Dan Och’s hedge fund firm is targeting $2 billion for its fourth fund focused on opportunistic property investments as soon as the end of the year, according to people familiar with the matter.
The Chicago-based real estate investment trust is looking to sell 800 Sixth Ave., a high-rise tower in Chelsea, and 505 W. 54th St. in Hell’s Kitchen, according to a person with knowledge of the offering.
In June, New York-based Blackstone raised $7.1 billion for an opportunistic real estate fund focused on Asia, and Carlyle Group LP this month also raised its largest U.S. real estate fund.
Montage, which launched in 2002 with a resort in Laguna Beach, California, currently operates eight hotels and generated $400 million in revenue last year.
Chief Executive Officer Jon Bortz said he remained bullish on the West coast and that the additional asset sales would probably increase Pebblebrook’s concentration in the market, meaning the sales would come from...
The median rent, with the value of those concessions subtracted, fell 2 percent to $3,310, according to a new report. It was the third straight month with a decline.
Starbucks lately has struggled to boost sales in the United States. Earlier this year, the chain said it planned to close about 150 company-operated locations in densely penetrated domestic markets.
The firm sees the 1,300-unit property, known as Parker Towers, as an affordable option for renters seeking alternatives outside of Manhattan and in parts of Queens, such as Long Island City, where new construction and...
