{"id":1004779939,"date":"2025-12-02T06:09:36","date_gmt":"2025-12-02T14:09:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004779939"},"modified":"2025-12-03T07:01:57","modified_gmt":"2025-12-03T15:01:57","slug":"cannon-hill-tripost-enter-1-5b-office-jv","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cannon-hill-tripost-enter-1-5b-office-jv\/","title":{"rendered":"Cannon Hill, TriPost Enter $1.5B Office JV"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/888-Broadway-e1764679808475.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004779956\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cannon-hill-tripost-enter-1-5b-office-jv\/888-broadway-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/888-Broadway-e1764679808475.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"888_Broadway\" data-image-description=\"&lt;p&gt;Image sourced from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The company completed a $200 million recap at 888 Broadway, a mid-rise office property in Manhattan. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/888-Broadway-e1764679808475.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/888-Broadway-e1764679808475.jpg\" alt=\"Exterior shot of 888 Broadway, an office building in Manhattan.\" class=\"wp-image-1004779956\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/888-Broadway-e1764679808475.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/888-Broadway-e1764679808475.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">Cannon Hill completed a $200 million recap on 888 Broadway, a mid-rise office property in Manhattan. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/whos-buying-distressed-office-buildings\/\">distressed assets<\/a> located in New York City, Washington, D.C., and Boston.<\/p>\n\n\n\n<p>Cannon Hill&#8217;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.<\/p>\n\n\n\n<p>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, <a href=\"https:\/\/commercialobserver.com\/2025\/02\/cannon-hill-global-holdings-williams-equities-888-broadway-netflix\/\">according to <em>Commercial Observer<\/em><\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/cpe-asks-what-makes-a-distressed-office-property-a-good-investment\/\">What Makes a Distressed Office Property a Good Investment?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-focus-on-distressed-office-properties\">A focus on distressed office properties<\/h2>\n\n\n\n<p>As some of the nation&#8217;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 <a href=\"https:\/\/www.commercialsearch.com\/news\/commercial-real-estate-trends\/\" target=\"_blank\" rel=\"noreferrer noopener\">commercial real estate trends<\/a>.<\/p>\n\n\n\n<p>This year&#8217;s discounted office deals in Manhattan included Norges Bank Investment Management and Beacon Capital Partners\u2019 <a href=\"https:\/\/www.commercialsearch.com\/news\/norges-bank-jv-seals-571m-deal-for-manhattan-tower\/\">acquisition of 1177 Avenue of the Americas<\/a> for $571.1 million. The seller, a joint venture between California State Teachers\u2019 Retirement System and Silverstein Properties, had purchased this property in 2007 for nearly $1 billion.<\/p>\n\n\n\n<p>In the Washington, D.C., metro, JBG Smith <a href=\"https:\/\/www.commercialsearch.com\/news\/jbg-smith-picks-up-dc-area-campus-at-steep-discount\/\">acquired Tysons Dulles Plaza<\/a>, 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. <\/p>\n\n\n\n<p>Another similar transaction involved <a href=\"https:\/\/www.commercialsearch.com\/news\/live-oak-jv-buys-boston-office-asset\/\" target=\"_blank\" rel=\"noreferrer noopener\">One Bowdoin Square<\/a>, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partners will target distressed properties in three major markets. <\/p>\n","protected":false},"author":2991,"featured_media":1004779956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,11,1600,21742,10,21747,1615],"tags":[51679,52745],"class_list":["post-1004779939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast","category-office","category-washington-dc","tag-cannon-hill-capital-partners","tag-tripost-capital-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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