Cannon Hill, TriPost Enter $1.5B Office JV

December 2, 2025

Office Boston Investment Mid-Atlantic More New York News Northeast Washington D.C.

The partners will target distressed properties in three major markets.

Exterior shot of 888 Broadway, an office building in Manhattan. — Cannon Hill completed a $200 million recap on 888 Broadway, a mid-rise office property in Manhattan. *Image courtesy of Yardi Matrix*

Cannon Hill Capital Partners has entered into a strategic partnership with TriPost Capital Partners to expand its office footprint across the U.S. The joint venture will enable the acquisition of up to $1.5 billion over the next three years by purchasing distressed assets located in New York City, Washington, D.C., and Boston.

Cannon Hill’s portfolio consists of more than 35 properties totaling 10 million square feet, spread across primary markets. The firm recently partnered with TPG on the office-to-residential conversion underway at 101 Franklin St. in Tribeca.

In another deal, Cannon Hill recapitalized 888 Broadway, a 237,000-square-foot office property in Midtown South. The company closed on the $200 million transaction by also adding Global Holdings and Williams Equities as equity partners, according to Commercial Observer.

By working with TriPost, Cannon Hill expects to leverage its expertise and capital to a new set of investment opportunities in the office sector, especially since liquidity is returning and property values are rising again.

The partnership, which already made an initial investment in Midtown South Manhattan, plans to purchase office properties and non-performing loans tied to strong assets, working alongside third-party joint venture investors. It will also intends to provide rescue capital to property owners, on a case-by-case basis, and pursue office redevelopment or conversion opportunities.

A focus on distressed office properties

As some of the nation’s office inventory has become obsolete and unsustainable, many of these properties present major opportunities for investors, with discount deals picking up pace amid broader commercial real estate trends.

This year’s discounted office deals in Manhattan included Norges Bank Investment Management and Beacon Capital Partners’ acquisition of 1177 Avenue of the Americas for $571.1 million. The seller, a joint venture between California State Teachers’ Retirement System and Silverstein Properties, had purchased this property in 2007 for nearly $1 billion.

In the Washington, D.C., metro, JBG Smith acquired Tysons Dulles Plaza, a three-building, 500,000-square-foot office campus in Tysons, Va., for $42.3 million. The property had previously traded in 2017 for $130 million.

Another similar transaction involved One Bowdoin Square, a 141,831-square-foot office building in Boston. A joint venture between Live Oak Real Estate Investments and Tritower Financial Group purchased the asset for $28 million, less than a half of its previous sale price from 2016.