NEW YORK CITY—SL Green Realty Corp. has taken a 50% ownership stake in Stonehenge Partners. With Stonehenge referring to the move as a “strategic transition,” SL Green will acquire the interests in the Stonehenge mulltifamily portfolio held through entities affiliated with Joel Seiden.
In addition, Ofer Yardeni, chairman and CEO of Stonehenge, has agreed to acquire all of Seiden's interest in the Stonehenge management platform as Seiden has decided to step down as co-chairman. Yardeni will continue to retain all of his ownership interests in the real estate portfolio which will continue to be managed and operated by Stonehenge Management. It comprises 23 buildings and 2.55 million square feet, including 2,815 rental apartments and 43,000 square feet of retail space.
David Schonbraun, SL Green's co-CIO, says, “This investment represents an incredible opportunity for SL Green to expand its residential portfolio in partnership with a proven operating partner. Over the past few years, we have developed a strong relationship with Ofer Yardeni and Stonehenge Partners. They are a best-in-class residential operator and we believe that together we can enhance the current portfolio's value and build upon our previous successes.”
At Stonehenge, Yardeni says SL Green's "extensive experience and expertise in the real estate industry is unparalleled and will add lasting value to our portfolio. I have been partners with Joel for the last 25 years. It has been a pleasure collaborating with him on a professional level and to have him as a friend. On behalf of myself and everyone at Stonehenge, I thank him for being an invaluable member of our family and we wish him all the best in his future endeavors."
Seiden and Yardeni co-founded Stonehengei in the early 1990s. Since then, the company has been involved in over $4 billion of real estate transactions. From modest beginnings, Stonehenge now employs more than 200 people responsible for the management of a collection of residential properties located in what it says are some of the most desirable and exclusive sub-markets in Manhattan.
"It has been an honor to have co-founded and serve as Co-Chairman of Stonehenge. I have worked with the some of the finest people in the real estate industry," says Seiden. "I am leaving the company in excellent hands and I am confident that our strong team will continue to succeed and build on the important progress we have made."
Bruce Schonbraun, managing partner of FTI Consulting, acted as the advisor on the total transaction.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
