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NEW YORK CITY-San Francisco-based MacFarlane Partners has formally acquired a minority 49.5% equity interest in the retail and parking-garage components of Time Warner Center here. The investment is a co-ownership with developers, the Related Cos. and Apollo Real Estate Advisors, which continue to manage the property. The value was previously estimated to be between $425 million and $500 million.
MacFarlane committed to purchase the equity stake in January 2003 and provided a $359-million loan to the developers that partially financed the construction of the retail and garage components. That loan was repaid concurrently with MacFarlane Partners' equity purchase.
"Time Warner Center has proven to be an excellent investment in just a short period," says Chuck Berman, a managing principal with MacFarlane . "Our strategy has always been to invest in properties that help revitalize urban neighborhoods while providing high returns for our clients."
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