"These are the markets I understand," Westreich tells GlobeSt.com, adding that other markets that look attractive are Florida and Boston. And while many companies are choosing to go the public route, Westreich vows that won't happen to Monday. "We will always stay private," noting it allows for more flexibility and is more entrepreneurial.
Financial details of the private transaction were not revealed. Max Capital founder and chairman Adam Hochfelder released a statement that said the buyout was completed, but had no further comment at this time. Westreich will oversee all operations, including asset management, property management, construction management, leasing and development.
Monday currently owns and/or manages approximately four million sf of property here with an occupancy rate of 98%. The portfolio's signature properties include 230 Park Ave., 237 Park Ave., 1440 Broadway, 350 Madison Ave. and 260 Park Ave. South.
"Monday Properties will follow these guiding principles: invest for the long term; attract and retain quality tenants; and provide the highest level of tenant service," says Westreich. "The name, 'Monday Properties' reflects the attitude those who are passionate about business have at the start of a new week."
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