$200M Brickman Fund to Target NYC, DC Properties

NEW YORK CITY-Locally based real estate firm Brickman Associates on Friday revealed that it has completed the first closing of its $200-million Brickman Real Estate Fund I LP. The newly established closed-end real estate fund already has one acquisition under its belt and will spend three years assembling a portfolio of value-added properties.

According to Brickman senior vice president of acquisitions and finance Gabe Boyar, the firms three principals, Bruce Brickman, Roderick O’Connor and Kathleen Corton, “have committed to make a serious investment in the fund.” Boyar would not reveal the fund’s other investors, but he tells GlobeSt.com they are “all high-net-worth investors who have invested with us previously on a one-off basis.” Brickman, O’Conner and Corton will manage the fund.

The partnership’s first acquisition is 1225 19th St. in Washington, DC, a 72,000-sf office building. The firm will announce the purchase within the next two weeks. No other deals are currently under consideration.