Fortress Investment Group is an equity firm that manages alternative assets, credit funds as well as credit funds. Japanese based company SoftBank purchased the company for $3.3 billion cash. The top management at Fortress Investment Group stated that the move was very appropriate in expanding the company. The management will maintain their positions and continue offering their services in the company but under SoftBank. The move was uncommon since SoftBank had been purchasing technology-related companies and then here they acquired a property management company. Visit bizjournals.com
Fortress Investment Group has recently finalized the acquisition of a building in Worth Avenue in the Palm Beach that belonged to Tiffany & Company. The building was purchased at $20 million and will retain the tenants while the company constructs its office on the second floor of the building. Fortress Investment Group was started in 1998 by Wes Edens, Randal Nardone, and Rob Kauffman and has been growing ever since. Of late, the Fortress Group has been making some significant moves.
The acquired structure was constructed in 1950 and has two stories with 16,374 square feet on both stories. From the purchase price of the building, it can be established that the cost per square feet was $1,221 which slightly lower than the amount the seller was anticipating when it was put for sale back in 2016 with an estimated $4o million selling price. Before the purchase by Fortress, the building was managed by Madden Family Associates Limited, a company that operated the property on behalf of the owner’s family. Fortress Investment Group took the step of purchasing the building because of its strategic location. The building is on a street that is well known for shopping and has a very substantial value.
Fortress Group was happy with the acquisition and its strategic geographic location. The company manages property worth $41.4 billion as of June 2018 and has a great development line. The company has been involved in real estate business in areas around expected train stations which is an excellent move in this acquisition. The company is also building lines under the Brightmare venture.
Read more on https://www.fortress.com/businesses/credit