| Jamestown L.P. | |
| Founder: | Christoph Kahl |
| Type: | Private |
| Industry: | Real estate |
| Key People: | |
| Hq Location City: | Atlanta, Georgia |
| Hq Location Country: | United States |
Jamestown L.P. is a real estate investment and management company based in Atlanta, Georgia. The company invests in commercial and mixed-use real estate developments in several cities in the United States.[1] [2] Among Jamestown's properties is the One Times Square building, the site of the annual New Year's ball drop in Manhattan, New York,[3] as well as Ponce City Market in Atlanta and Industry City in Brooklyn. As of 2018, Jamestown maintains more than $11 billion in assets under management.[4]
Jamestown was founded in 1983 by the German investor Christoph Kahl.[5] The company was initially backed by investors primarily located in Germany. In one of its first high-profile acquisitions in 1997, Jamestown purchased One Times Square in Manhattan, New York, from Lehman Brothers for $110 million. The property is the site of the annual New Year's ball drop celebration.
In 2004, Jamestown invested $300 million into the General Motors Building on Fifth Avenue in Manhattan.[6]
As of 2012, One Times Square brought in more than $23 million in revenue as its billboards are visible to millions of pedestrians each year.[7]
Twelve months before the onset of the 2008 financial crisis, Jamestown liquidated 75% of its investments and reimbursed the proceeds to its investors.[8] The company then made more than $500 million of real estate investments in 2010 including acquiring a former Sears building from the city of Atlanta[9] which was redeveloped into Ponce City Market.
In 2011, Jamestown acquired full ownership of Chelsea Market (located across the street from 111 Eighth Avenue) adding to the 75% stake in the building acquired in 2003. After a total investment of $790 million in the property, Jamestown later sold Chelsea Market to Google's parent company, Alphabet Inc. in 2018 for $2.4 billion.[10]
The company also made a large investment in the Back Bay area of Boston, Massachusetts in 2012. Jamestown's properties along Boston's Newbury Street encompassed 15% of the buildings on the street being developed as a shopping district. Purchased for $226 million,[11] the Back Bay area property was sold to the North Carolina-based Asana Partners in 2018 for nearly $300 million.[12]
In 2013, Jamestown acquired for $54 million the retail portion of Ghirardelli Square in San Francisco, a 100,394-square feet property near Fisherman's Wharf.[13] Along with partners, the company also acquired a 50% stake in Industry City, a 16-building complex covering 6 million square feet. Jamestown planned a $100 million investment in renovations.[14]
In December 2019, Jamestown began marketing an investment fund that targets individuals, with a minimum investment of $2500.[15]
In 2022, Simon Property Group acquired a 50% stake in Jamestown from the latter's original partners.[16]