Beverly Hills-Primarily based Hawkins Means Capital Buys 655 Room Former Marriott Lodge in Midtown, Manhattan

Hawkins Means Capital, in a three way partnership with Värde Companions, has acquired 525 Lexington Avenue in Midtown, Manhattan, comprising a 655-room, 406,261 sq. foot tower throughout 35 tales. A chosen landmark constructing, the 1924-built property beforehand operated as a Marriott Worldwide branded lodge centered on company and enterprise journey earlier than closing on the onset of the Covid-19 Pandemic.

“525 Lexington represents a compelling alternative to extend our footprint within the coronary heart of Manhattan at a positive foundation. We imagine the property will profit from an injection of recent fairness and perspective to assist climate financial and monetary market headwinds and stay bullish on long-term progress and a sustained restoration of the New York market on the whole,” mentioned Ross Walker, Hawkins Means Capital’s Co-Founder and Managing Accomplice. “We sit up for persevering with to construction viable exit alternatives for current landlords and develop our presence on the East Coast.”

The acquisition marks the ninth buy up to now 5 quarters for Hawkins Means Capital, combining to over 3,500 new models and over $1.3 billion in investments and persevering with Hawkins Means Capital’s push into city pupil housing and hospitality properties. The Lexington Avenue property can be built-in right into a nationwide community of over 5,700 models and 9,500 beds managed by Hawkins Means Capital’s affiliated property administration firm.