Beverly Hills-Based Hawkins Way Capital Buys 655-Room Hotel in Midtown, Manhattan
NEW YORK, Jan. 31, 2023 /PRNewswire/ -- Hawkins Way Capital, in a joint venture with Värde Partners, has acquired 525 Lexington Avenue in Midtown, Manhattan, comprising a 655-room, 406,261 square foot tower across 35 stories. A designated landmark building, the 1924-built property previously operated as a Marriott International branded hotel focused on corporate and business travel before closing at the onset of the Covid-19 Pandemic.
"525 Lexington represents a compelling opportunity to increase our footprint in the heart of Manhattan at a favorable basis. We believe the property will benefit from an injection of fresh equity and perspective to help weather economic and financial market headwinds and remain bullish on long-term growth and a sustained recovery of the New York market in general," said Ross Walker, Hawkins Way Capital's Co-Founder and Managing Partner. "We look forward to continuing to structure viable exit opportunities for existing landlords and grow our presence on the East Coast."
The acquisition marks the 9th purchase in the past five quarters for Hawkins Way Capital, combining to over 3,500 new units and over $1.3 billion in investments and continuing Hawkins Way Capital's push into urban student housing and hospitality properties. The Lexington Avenue property will be integrated into a nationwide network of over 5,700 units and 9,500 beds managed by Hawkins Way Capital's affiliated property management company.
For more information please visit: www.hawkinsway.com
About Hawkins Way Capital
Hawkins Way Capital, co-founded by Managing Partners Ross Walker and Karan Suri, is a vertically integrated real estate company with $2.5 billion of assets under management on behalf of institutions and individuals focused on value-add and opportunistic investments across various asset classes and geographies. Its disciplined approach leverages the principals' investing experience and extensive network to execute strategies that offer long-term value. Hawkins Way Capital has offices in Beverly Hills and New York. For more information, please visit www.hawkinsway.com.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm's investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.
Contact: [email protected]
SOURCE Hawkins Way Capital
Share this article