LeBron James, Sch­warzeneg­ger are In­vestors in Bill Ack­man’s West Side Office Bldg

The Jewish Voice - - NEW YORK - By: Hadassa Kala­ti­zadeh

AHell's Kitchen office build­ing has at­tracted some big celebrity in­vestors. The 464,000-square-foot build­ing at 787 Eleventh Av­enue, lo­cated be­tween West 54th and West 55th streets, is owned by Adam Flatto's Ge­orge­town Com­pany and Bill Ack­man. As re­ported by the Real Deal, the build­ing has a new group of il­lus­tri­ous in­vestors in­clud­ing bas­ket­ball star LeBron James, and the ac­tor-turned-politi­cian Arnold Sch­warzeneg­ger. The value of the in­vest­ments has not been dis­closed. In the past, Ge­orge­town Com­pany also scored famed in­vestors in­clud­ing music mogul Jimmy Iovine and Bos­ton Red Sox chair­man Tom Werner.

For­merly the Ford Mo­tor Co. build­ing, and still known as “Auto Row”, the eight story build­ing was pur­chased in 2015 for $255.5 mil­lion by Ge­orge­town and Ack­man. An­other $100 mil­lion was spent on an ex­ten­sive ren­o­va­tion and the ad­di­tion of a ninth and tenth floor. The work was led by in­ter­na­tion­ally ac­claimed ar­chi­tect Rafael Vi­noly. The bot­tom floors of the build­ing house auto deal­er­ships, and the top floors are be­ing mar­keted as up­scale of­fices un­der the man­age­ment of CBRE As­set Ser­vices.

The office build­ing will be­come the new head­quar­ters for Ack­man's hedge fund com­pany, Per­sh­ing Square. The cap­i­tal man­age­ment firm, founded in 2003 which now boasts $8.2 bil­lion in As­sets Un­der Man­age­ment, is cur­rently based at 888 7th Av­enue in NYC. Per­sh­ing Square will oc­cupy the two-story glass pen­t­house added to the top of 787 11th Av­enue. The lease for 67,000 square feet in the com­mer­cial build­ing was signed in 2016. Ack­man, him­self a former ten­nis pro, looks for­ward to the com­pany's move, as he will be build­ing a ten­nis court on the build­ing's 12,000-square-foot roof top.

The office build­ing on the far west side will be­come the new head­quar­ters for Bill Ack­man’s hedge fund com­pany, Per­sh­ing Square

As re­ported by the Real Deal, the build­ing has a new group of il­lus­tri­ous in­vestors in­clud­ing bas­ket­ball star LeBron James, and the ac­tor-turned-politi­cian Arnold Sch­warzeneg­ger. The value of the in­vest­ments has not been dis­closed

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