Eastdil Secured's New York City office at 40 W. 57th St./ Image: Google Maps
NEW YORK CITY—A Guggenheim Investments joint venture with a Singaporean sovereign wealth fund is in advanced talks to buy Wells Fargo & Co.'s brokerage firm, Eastdil Secured, as reported by the Wall Street Journal.
The newspaper stated Eastdil's management team including CEO Roy March would have ownership interest in the company with Guggenheim and Singapore's Temasek Holdings. The deal would be the sovereign wealth fund's first direct investment in a US real estate advisory and brokerage firm. The WSJ noted the amount discussed is still unclear and that a possibility exists that a deal will not be reached.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
