NEW YORK CITY-The former US commercial real estate arm of global conglomerate Louis Dreyfus Group has a new name—and a fresh outlook. The management ownership has been renamed to Property Group Partners, marking the completion of a process that began several years ago when Louis Dreyfus began taking steps to gradually exit the development business, GlobeSt.com has learned.
According to a company announcement, Louis Dreyfus began selling group equity positions to various institutional investors while retaining the management’s investments and property management duties under a long-term plan. But despite the name change, the company’s direction—for the most part—is staying the same.
“It’s actually part of the old strategy,” Jeffrey I. Sussman, founder and president of Property Group Partners, tells GlobeSt.com. “Louis Dreyfus has exited the real estate business, and all of it was transacted through us, so rightfully so, they wanted their name back,” he says. Sussman, who founded Louis Dreyfus in 1971, has developed and acquired more than 12 million square feet of class A office properties in North America and Europe over the last 40 years with his team.
During the transition period, however, Sussman wanted to maintain the identity of the company. “It is the same people and we still own the same buildings, just with different partners,” he says.
Known for its strong office presence in the DC-Metro market, the company is switching gears to focus more on Manhattan office assets, Sussman says. Property Group Partners currently has one New York property—148 Lafayette St.—but plans more acquisitions like it in “lifestyle neighborhoods” such as SoHo, TriBeCa and Chelsea.
“We are eyeing things in New York,” Sussman says. “It is very, very stiff competition, but we keep our eyes peeled. We bid on a few properties and we haven’t gotten them yet, but we hope to be surfacing in New York in a more meaningful way.”
The company changes were implemented with no impact to the staff. Rolland Baribeau, chief operating officer, will continue to lead all operational, leasing and management activities for Property Group Partners, while David B. Shepherd, chief financial officer, and Robert H. Braunohler, Washington regional vice president, will continue in their roles on the team. The company, headquartered in New York City, has offices in Washington DC and Wilton, Connecticut.
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