Hennick & Company Completes Joint Venture with Gazit Globe on Iconic Harvard Square Building
February 03 2021 - 7:30AM
Hennick & Company (“HennickCo”), a private firm that invests in
high quality real estate and operating businesses for the
long-term, announced today that it has entered into a new joint
venture with Gazit Horizons, Inc., a wholly-owned subsidiary of
Gazit-Globe (TASE:GZT) (collectively, “Gazit”), for the ownership
of 1430 Massachusetts Avenue, a 50,000 square foot mixed use
building located in the heart of Harvard Square, Cambridge,
Massachusetts. The building was previously purchased by Gazit for
US$45,000,000 in an off-market transaction from University Common
Real Estate, who had owned the property for over fifty years.
HennickCo and Gazit will now own 1430 Mass Avenue together as
partners.
The historic building, known as College House,
dates to the 1830’s and was originally a Harvard graduate student
dormitory. The building is now occupied by retail and office
tenants, including Harvard University. The new ownership group
intends to implement a capital improvement plan to renovate the
lobby, office common areas, and building systems. Additionally, the
new owners intend to create exceptional retail spaces with high
ceilings and expansive frontage directly across from Harvard Yard,
while still maintaining the historic look and feel of the
property.
“We are excited to add this iconic property to
our portfolio in partnership with Gazit,” said Bradley Hennick,
HennickCo’s Managing Director. “Located in the center of Harvard
Square, the commercial and social epicenter of Harvard University,
1430 Massachusetts Avenue is an irreplaceable asset that will
continue to appeal to the highest quality retail and office tenants
for many years to come.”
Jory Hennick, Director of HennickCo, added,
“This acquisition demonstrates our desire to invest in
institutional quality core and core plus real estate assets in
major metropolitan markets, properties we would be ‘proud to own’
for generations with best-in-class partners. We continue to seek
out other real estate investment opportunities that meet this
criteria.”
“We have partnered with the HennickCo team
previously on other assets and were searching for more
opportunities to work together,” said Jeff Mooallem, President and
CEO of Gazit Horizons. “Bringing them in as a partner on the 1430
Massachusetts Avenue property is a perfect fit, as our vision and
strategy are well aligned for this iconic asset.”
About Hennick &
Company
Hennick & Company (“HennickCo”) is a private
firm that invests in growth-oriented operating businesses and
high-quality real estate. Established by the Hennick family, which
founded and owns a significant equity interest in Colliers
International (NASDAQ: CIGI | TSX: CIGI) and FirstService
Corporation (NASDAQ: FSV | TSX: FSV), HennickCo has made material
investments in several large-scale institutional quality real
estate properties, as well as in financial services, manufacturing,
staffing and facility service businesses. As a privately owned
company backed by permanent capital, HennickCo does not have
pre-determined investment hold periods and operates in a
non-bureaucratic and entrepreneurial fashion. HennickCo’s goal is
to identify, invest in and participate in the growth of great
businesses and high-quality real estate assets in partnership with
strong leadership teams and its investment partners. To learn more
about HennickCo, please visit our website at www.hennick.com.
About Gazit Horizons
Gazit Horizons, Inc. invests in income producing
real estate throughout the United States. With offices in Miami,
New York City, and Boston, the Company actively pursues assets in
targeted markets, focusing on major metro areas and growing urban
cores of “gateway” cities. Gazit Horizons invests in larger
properties with mixed-use potential and looks for unique
opportunities to uncover value through diversity of use, as well as
redevelopment and proactive asset management.
About Gazit Globe
Gazit Globe is a leading global real estate
company focused on the ownership, development, and management of
income-producing properties for mixed use including retail, office
and residential located in densely populated urban cities. Gazit
Globe is listed on the Tel Aviv Stock Exchange (TASE: GZT). As of
September 30, 2020, The Group owns and operates 104 properties,
with a gross leasable area of approximately 2.5 million square
meters (approximately 27 million square feet) and a total value of
approximately $11 billion.
Bradley Hennick
Managing Director
416-966-9500
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