The Real Deal recently published Keith Larson’s article “Fortress Pays $20M for Tiffany Building on Worth Avenue.” The article reveals that Fortress Investment Group just bought another building in Palm Beach. The building has been on the market for almost two years and was nearly $1,221.00 per square foot. When it first came onto the market, the building was listed at $40 million. The listing agent reveals that this street, in particular, is one of the priciest retail streets in the whole country.Tiffany & Co has had the building since the early 90’s. Over the years the company invested millions of their hard earned cash into upgrading the building to convey a sense of luxury. They added steel doors, a Tiffany clock in the entrance and even marble floors.
The building was made in the 1950’s by the Madden Family Associates. They wanted to sell it because of family planning. Greg Matus of Franklin St represented both Fortress Investment Group and Tiffany’s.Fortress Investment Group was also featured on the Business Wire website in an article titled “Fortress Raises $1.0 Billion for Latest Opportunistic Credit Real Estate Fund.” The article revealed that the publically traded group raised nearly $1 billion to purchase the Credit Real Estate Fund. They began fundraising nearly four years ago and have received $2 billion in capital over the last year.
This Opportunities Fund is a private equity fund that focuses on investing in undervalued and distressed real estate across the country.They have also invested in real estate around Europe. It has invested nearly $8 billion in real estate around the world.Fortress Investment Group was recently acquired by Softbank and is one of the world’s largest diverse global investment firms. They have more than $69.9 billion in assets and have been a major player since its founding in 1998. They have more than 1,700 clients and investors around the world in a variety of different funds. They specialize in liquid hedge funds, credit, private equity, and even traditional asset management strategies. It was also the first of its kind to be publically traded on the New York Stock Exchange