Bridge Investment Group Announces Commercial Office Joint Venture With Grosvenor's Diversified Property Investments Team – Yahoo Finance

SALT LAKE CITY, September 20, 2022–(BUSINESS WIRE)–Bridge Investment Group Holdings Inc. (NYSE: BRDG) ("Bridge" or the "Company") today announced that it has signed a definitive agreement to form a joint venture with Grosvenor’s Diversified Property Investments business ("Grosvenor") to deploy $100 million of equity, with the option for follow-on investments, to purchase and amenitize best-in-class office assets that are positioned to capture an outsized share of their respective submarket’s leasing and absorption due to their attractive location and ability to meet the needs of the modern tenant.
In the aftermath of the COVID-19 pandemic, Bridge believes that demands of employees and employers continue to become more discerning as it relates to office space. Market-leading amenitization, environmentally conscious initiatives, and a highly connected location are now tenant requirements, not tenant wishes. The joint venture seeks to tap into the "knowledge economy" by deploying capital into highly connected assets in strategic locations that combine accommodating business environments, a high quality of life, and rapidly growing pools of talented labor with environmental sustainability.
"The dislocation in the markets has created an opportunity for Bridge and Grosvenor to capitalize on under-amenitized office properties where the previous owner may not have the capex budget, time horizon, or financing access to turn strategically positioned office buildings into state-of-the-art assets. The Bridge built-in property management and leasing capabilities, combined with our focus on environmental sustainability, including our collaboration with Bridge’s Solar team, enable us to create incremental value from assets that we believe are well positioned but not yet achieving their full potential," said John Ward, Chief Investment Officer for Bridge’s Commercial Office Strategy.
Grosvenor’s Diversified Property Investments team works to diversify the business’ global property portfolio by backing specialist third-party managers in sectors and countries that complement the activities of its regional operating companies, like Grosvenor Property Americas and Grosvenor Property UK. Since their first investment in 2012, the team has committed over $800 million of equity across five continents with 19 specialist third-party management teams.
Andy Yates, Chief Investment Officer, Grosvenor Diversified Property Investments, added: "We’re pleased to have entered into our second partnership with Bridge, which shares our ambition to provide exceptional workplaces for businesses and employees centered around sustainability and wellness.
"Looking ahead we have a strong belief in the resilience of high-quality and well-located offices in growth cities and continue to seek similar opportunities with specialist managers as we expand Grosvenor’s Diversified Property Investments business and help diversify its global portfolio."
The first asset acquired in the joint venture is Camelback Center, located in the high-growth market of Phoenix, Arizona in the prestigious Camelback Corridor. Camelback is a submarket recognized as a premier corporate location with dense, walkable amenities and strong access to labor and in-demand housing. From 2009 to 2021, over $25.1 million has been invested to upgrade and modernize Camelback Center, including a new café, outdoor patio with amenities, lobby upgrades, common area and restroom upgrades, and new conference facilities. This nine-story class A building contains 236,553 square feet with covered parking and is currently 82% leased. In addition to the $25.1 million invested in the property since 2009, Bridge intends to drive value with continued capital improvements that enhance the newly added amenities and upgrades. Bridge also expects to incorporate tenant facing engagement technology and ESG-focused initiatives, such as solar.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $42.0 billion of assets under management as of June 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
About Grosvenor Group Limited
Grosvenor is an international developer, manager and investor improving property and places across many of the world’s leading cities.
Grosvenor’s Diversified Property Investments business co-invests with like-minded partners in third-party managed joint ventures to grow and diversify exposure in regions, sectors and investment types that are beyond the focus of Grosvenor’s regional property operating companies.
Grosvenor Diversified Property Investments promotes sustainability within the built environment, enhancing the wellbeing of their customers and communities to ensure that their activities can make a positive difference to society. Since their first partnership in 2011, they have invested across Europe, North and South America, Sub-Saharan Africa and Australia.
Grosvenor Diversified Property Investments is a values-led organisation which represents the Grosvenor family. Their work in property, alongside Grosvenor’s other activities in food and agtech, rural estate management and support for philanthropic initiatives, shares a common purpose – to deliver lasting commercial, social and environmental benefit – addressing today’s needs while taking responsibility for those of future generations.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "outlook," "could," "believes," "expects," "potential," "opportunity," "continues," "may," "will," "should," "over time," "seeks," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made of our future performance, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
View source version on
Bridge Investment Group Investor Relations & Media Contact:
Charlotte Morse
Bridge Investment Group Holdings Inc.
Grosvenor Contact:
Rachel Garstang
Head of Corporate Communications & Stakeholder Engagement
Related Quotes
Nio and XPeng both recently had new launches, but macroeconomic conditions look to be hitting the stocks.
Stocks fell sharply after the Federal Reserve announced Wednesday that it was raising its benchmark rate by three quarters of a percentage point as it battles inflation, with the S&P 500 continuing a slide described by Bespoke Investment Group as its third leg down.
The bond king, Jeffrey Gundlach, is now very favorably disposed toward the asset class he knows best.
THE MONEYIST Dear Quentin,  I am a senior citizen and have suffered major losses to the tune of $100,000 in the recent stock market turmoil. Can I sue my financial adviser? I understand the dynamics of the market as far as its ups and downs, and have ridden them out before.
Nvidia (NVDA) stock has been through the wringer this year and even the latest announcements made by the chip giant at its fall GTC gathering didn't really help to move the needle on the shares. NVIDIA announced the launch of the next-generation GeForce RTX 40 Series GPUs powered by the Ada Lovelace architecture. In his keynote, CEO Jensen Huang called the new GPU a “quantum leap” which will give creators the ability to build fully simulated worlds. The H100 — touted as the most powerful AI-foc
Wall Street icon Carl Icahn has a warning for his fellow investors: “The worst is yet to come.” Speaking on Wednesday at MarketWatch’s Best New Ideas in Money festival via a remote feed, the 86-year-old Icahn delivered that grim assessment of the economy, but also spoke of areas of opportunity for investors.
In this article, we discuss 15 best stocks to invest in right now. If you want to see some more stocks in this list, click 5 Best Stocks To Invest In Right Now. According to a Bloomberg report dated August 24, the Goldman Sachs Group noted that elite hedge funds are strengthening their stakes in […]
The major investment bank Morgan Stanley has been sounding alerts about the increasingly difficult economic conditions for several months now, and the firm’s chief US equity strategist Mike Wilson headed up a recent note on the topic of defensive investing, especially dividend investing. Wilson lays out a clear strategy for dividend investors, starting with the fact that the best dividend stocks, by their nature, provide an income stream that is both secure and stable, and will provide protectio
The ‘70s are coming back in a big way, and while that’s not so bad in fashion or in music, it’s safe to say that no one really wants that ‘70s economy back. That was the decade that brought stagflation, a nasty mix of high inflation, increasing unemployment, and stagnant job growth. Economists had long thought that combo impossible, but the economic mismanagement of the Carter Administration proved them wrong. At least one top economist, Mohamed El-Erian from Allianz, sees a stagflationary perio
In this article, we discuss the 10 stocks that Cathie Wood is buying on the dip. If you want to read about some more stocks in the Wood portfolio, go directly to Cathie Wood is Buying These 5 Stocks on the Dip. The technology-heavy NASDAQ Composite has taken a severe beating in the past few […]
The following real estate investment trusts (REITs) are interesting because each one bears a balance sheet not too different from those considered desirable in Benjamin Graham’s classic “The Intelligent Investor.” Graham, of course, is deemed the father of value investing and greatly influenced Warren Buffett, his student at Columbia University. Each of these REITs is trading at a discount to book value, and each one is paying a dividend of some kind. Obviously, there’s a lot more to consider bu
U.S. stocks fell in volatile trading Wednesday afternoon as the Federal Reserve dealt another outsized interest rate hike in its fight against stubborn inflation.
A strong bearish trend defined the markets in the first half of the year; since then, the key point has been volatility. Stocks hit a bottom back in June, when the S&P 500 dropped into the 3,600s. That has proven to be a support level in the last three months, and at least one strategist believes that the market won’t go much lower from here. JPMorgan global market strategist Marko Kolanovic is taking a guardedly optimistic view of the coming year, noting: "We believe that any downside from here
Earlier this year, markets were complacent as Russia massed troops on the Ukraine border. Now, they're once again largely shrugging off Vladimir Putin's signal that he could be prepared to use nuclear weapons. World shares weathered an early knock to risk appetite on Wednesday after Putin mobilised more troops for Ukraine and threatened to use all of Russia's arsenal against what he called the West's "nuclear blackmail" over the war there.
In this piece, we will take a look at the ten stocks to sell now according to Orkun Kilic’s Berry Street Capital. If you want to skip our introduction of the hedge fund and jump ahead to the top five stocks in this list, then head on over to 5 Stocks to Sell Now According […]
The stock market whipsawed lower as the Fed hiked rates by 75 basis points and forecast a new terminal rate of 4.6%.
Defense stocks are rising along with global tensions after Vladimir Putin reacted to recent gains made by Ukraine. Chinese electric-vehicle stocks are tumbling, however.
Shares of Nvidia (NASDAQ: NVDA) surged higher Wednesday, jumping as much as 3.3%. The catalyst that sent the semiconductor specialist higher was analyst reaction to announcements made during Nvidia's 2022 Global Technical Conference (GTC). Oppenheimer analyst Rick Schafer maintained his outperform (buy) rating and $250 price target on the stock, which represents 90% upside for investors compared with Tuesday's closing price.
Retirees have to watch their spending, especially after the Federal Reserve’s latest rate hike announced on Wednesday. For the third time in a row, the Federal Reserve said on Wednesday it would raise the benchmark federal-funds rate – this time, by a 0.75 percentage point so that it hovers between 3% to 3.25%. The news may seem unsettling for retirees, in particular, many of whom are living on fixed incomes.
Morningstar has put together a list of the Top 10 dividend stocks that are widely held by its 'ultimate stock-pickers.'


Join The Discussion

Compare listings