NEW YORK, Jan. 10, 2014 /PRNewswire/ -- O'Connor Capital Partners ("O'Connor") today announced the acquisition of 150 and 151 Worth Avenue, a 142,000 square foot luxury shopping center located on Palm Beach, FL's prestigious Worth Avenue. O'Connor made the acquisition on behalf of an institutional client.
The center, which was originally developed in phases by The Goodman Company ("Goodman") from 1978 to 2001, is anchored by Saks Fifth Avenue and Neiman Marcus. It is also home to a select group of luxury retailers that includes Gucci, Louis Vuitton, Tory Burch, and Pucci as well as several other notable national and local tenants.
"We are delighted to have participated in the acquisition of this truly unique asset located on one of the most prestigious and desirable avenues in the world," said Bill O'Connor, President & COO of O'Connor Capital Partners.
Added Glenn Rufrano, Chairman & CEO of O'Connor, "the acquisition of 150 and 151 Worth Avenue is an exemplary transaction for us as it demonstrates O'Connor's strategic focus on acquiring high performing retail centers in the United States and Mexico."
150 and 151 Worth Avenue will be managed by O'Connor with continuing involvement by Goodman. O'Connor currently manages in excess of 14 million square feel of retail assets throughout the United States and Mexico.
About O'Connor Capital Partners
O'Connor Capital Partners is a privately-owned, independent real estate investment, development and management firm. O'Connor strives to be the preferred real estate investment firm providing institutional investors access to multiple format retail properties and residential development and redevelopment. Within North America, O'Connor's retail capability is vertically integrated, utilizing its strong relationships and experience to create high performing investment opportunities. O'Connor's residential strategy focuses on the Northeast corridor, both urban and inner suburban transit served locations, for multifamily development and redevelopment.
Founded in 1983 by Jeremiah W O'Connor, Jr. and Glenn J. Rufrano, the firm has acquired or developed more than $25 billion of property on behalf of various investment funds, institutional clients, and its own account, encompassing all major property types. The firm is based in New York City, with a regional office in Mexico City.
About The Goodman Company
The Goodman Company, headquartered in West Palm Beach, Florida, has developed, owned, leased and managed more than 20 million square feet of high-quality commercial real estate properties throughout Pennsylvania, Ohio, New Jersey, Virginia and Florida, including 7 regional malls. The company has also developed, leased and managed Phillips Point, a 450,000 square foot office complex in West Palm Beach, Florida as well as 150 and 151 Worth Avenue in Palm Beach, Florida.
SOURCE O'Connor Capital Partners