Fortress Announces Sale of Riverplace Tower in Downtown Jacksonville
December 08 2016 - 4:00PM
Business Wire
Iconic Waterfront Tower Sold for $53.4
million Two Years after Acquisition
Fortress Investment Group LLC (NYSE: FIG) (together with its
affiliates, “Fortress”) today announced the sale of Riverplace
Tower, an iconic 28-story waterfront tower located on the St. Johns
River in downtown Jacksonville, FL. The 441,000 square foot Class A
tower was sold for $53.4 million after being acquired two years
earlier for $29 million by a partnership between Fortress and
Lingerfelt Commonwealth Partners.
The partnership made capital improvements to the property
following its acquisition, and leased over 170,000 square feet of
office space, including 137,000 square feet to new tenants.
Occupancy during this period increased from 63% to 85%.
“It’s been a pleasure working with Lingerfelt Commonwealth, who
shared our vision for the revitalization of this significant
property, and we were pleased with their ability to drive
operational efficiencies,” said Thomas Pulley, global head of the
Fortress Credit Real Estate business. “Riverplace Tower has been a
defining landmark of the Jacksonville skyline since its opening,
and we are confident that it will long be a contributor to and
beneficiary of the city’s growing economy.”
Fortress also acquired in 2014 the 951-room Hyatt Regency
Jacksonville, a premier downtown waterfront hotel. The investments
in the Hyatt Regency and Riverplace Tower were made primarily
through the firm’s Fortress Real Estate Opportunities Funds (“the
Funds”), private equity style funds that focus on opportunistic
investments in commercial real estate and real estate related
assets. The Funds are managed by a 96-person global Credit Real
Estate team headed by Mr. Pulley.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified
global investment firm with $70.1 billion in assets under
management as of September 30, 2016. Founded in 1998, Fortress
manages assets on behalf of over 1,750 institutional clients and
private investors worldwide across a range of private equity,
credit, real estate and traditional asset management strategies.
Fortress is publicly traded on the New York Stock Exchange (NYSE:
FIG). For additional information, please visit
www.fortress.com.
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Fortress Investment Group LLCGordon E. Runté, 212-798-6082
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