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Published by:
Columbia CaseWorks, Columbia Business School (2013)
Version:
February 4, 2013
Length:
14 pages
Data source:
Field research

Abstract

In 1999, Taconic Investment Partners, a real estate investment firm, and the New York State Common Retirement Fund became the key investors in a warehouse that occupies an entire block in New York's Chelsea neighbourhood. Four years later, the former warehouse has been transformed into a Class A office property, and outperformed all expectations. In this case, students determine the best strategy for how the partners can harvest some of the value they created. Should they sell, or possibly restructure the deal? If they pursue equity capital, will their current partners find the terms acceptable?

Topics

Real estate recapitalization; Real estate; Taconic investment partners; New York common retirement fund; Class A; Office property; CRF; New York City; Jones Lang LaSalle; Eastdil Realty; Clarion Partners; Equity
Other setting(s):
2003

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