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 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]

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)
Parent
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]

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

References
  1. Pruitt, A. D. (January 8, 2011). "Jamestown Snaps Up New Property". Wall Street Journal. ISSN 0099-9660. Retrieved May 29, 2019.
  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. 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. 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. 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. "Real-Estate Firms Rolling Out New Funds for Mom-and-Pop Investors". The Wall Street Journal. December 3, 2019.
  16. "Simon (SPG) Completes Jamestown's 50% Interest Acquisition". www.yahoo.com. December 20, 2022. Retrieved May 21, 2023.
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