Global Real Estate Investment Management
News
MRP Realty, Rockpoint Group Buy Plaza East
August 16, 2010
As reported by Washington Business Journal
In August 2010, Rockpoint Group, in partnership with Mid-Atlantic Realty Partners, acquired the foreclosure judgment on the first mortgage on two vacant, class A office buildings located in the Westfields Corporate Centre in Chantilly, Virginia. The two buildings, totaling 247,000 square feet, were completed in 2007 and have never been occupied.
Chesapeake Lodging to Buy 430-Room Boston Marriott Newton for $77.3M in Cash
July 8, 2010
As reported by Commercial Property Executive
In July 2010, the Boston Newton Marriott was sold to a REIT for $77.3 million. Rockpoint Group, L.L.C., Charles River Realty Investors and The Procaccianti Group acquired the property in July 2009 for $29.0 million. The asset was sold upon completion of the property improvement plan. The improvement plan improved margins, operations and the physical condition of the hotel, as well as increased the value of the hotel.
D.C.’s Washington Harbour Sails for $244.5 Million
MRP Realty Partners with Rockpoint Group to Purchase the Property from PREI
Free and Clear of Debt
June 23, 2010
As reported by CoStar Group
In June 2010, Rockpoint Group, L.L.C. and Mid-Atlantic Realty Partners purchased Washington Harbour, two class A office buildings totalling 532,500 square feet of office and retail space. The buildings were acquired for $244.5 million, or approximately $459 per square foot, and are located on the Potomac River in the Georgetown submarket of Washington, D.C.
Rockpoint Targets Residential Land
January 20, 2010
As reported by Real Estate Alert
In December 2009, Rockpoint purchased its first residential land deal in over five years. Rockpoint paid $89 million for four parcels of land, located in eastern Loudoun County, Virginia, zoned for the construction of 2,100 single-family homes. The parcels, which encompass approximately 4,000 acres, were valued as high as $275 million at one time. Rockpoint plans to complete the infrastructure at the sites over the next 18 months and begin selling homes in mid-2011.
Cypress Hotel in Silicon Valley Changes Hands
June 8, 2007
As reported by Travel Daily News
In May 2007, Rockpoint, in partnership with SCS Advisors, acquired the 224-room Cypress Hotel, located in the heart of Silicon Valley in Cupertino, California. Kimpton Hotels, recognized as the original boutique industry pioneer, will continue to manage the property.
Flashy on 5th: $420M
April 26, 2006
As reported by New York Post
In late April 2006, Rockpoint Group and Stellar Management signed a contract to sell 522 5th Avenue to Broadway Real Estate Partners for approximately $420 million, or $750 per square foot. The 23-story, class A office tower is located on the southwest corner of 44th Street and 5th Avenue in Midtown Manhattan. The property was sold in June 2006, generating a gross IRR of 183.9% and an equity multiple of 4.8x.
Five Managing Members of Westbrook to Invest As ‘Rockpoint Group, L.L.C.’
September 3, 2003
Five of the six managing members of Westbrook Real Estate Partners, L.L.C. (“Westbrook”), including the firm’s co-founder, Bill Walton, announced the formation of Rockpoint Group, L.L.C. as their primary vehicle for future real estate investments. The action follows an announcement in June that Westbrook would conduct future real estate investment through two independent entities. The five Rockpoint Managing Members will continue to own and control a majority interest in Westbrook.
The Rockpoint team, which includes Westbrook managing members Bill Walton, Greg Hartman, Jonathan Paul, Keith Gelb and Pat Fox, said Rockpoint’s investment strategy would, similar to Westbrook’s, continue to target a mix of primarily domestic investments and certain foreign investments. The domestic origination team, which includes several other senior Westbrook investment professionals, will pursue opportunities in the office, industrial, hotel and multifamily sectors with an emphasis on the moderately distressed markets in the eastern and western U.S. as well as more stable markets where value creation opportunities exist. Rockpoint expects to continue to originate opportunities through an extensive network of third party and operating partner relationships in those markets.
Rockpoint will have offices in Boston, Dallas, New York, San Francisco and Tokyo.
