Hennick & Company Completes Joint Venture with Gazit Globe on Iconic Harvard Square Building
The building was previously purchased by Gazit for US$45,000,000 in an off-market transaction from University Common Real Estate, who had owned the property for over fifty years.
TORONTO, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Hennick & Company (“HennickCo”), a private firm that invests in high quality real estate and operating businesses for the long-term, announced today that it has entered into a new joint venture with Gazit Horizons, Inc., a wholly-owned subsidiary of Gazit-Globe (TASE:GZT) (collectively, “Gazit”), for the ownership of 1430 Massachusetts Avenue, a 50,000 square foot mixed use building located in the heart of Harvard Square, Cambridge, Massachusetts. The building was previously purchased by Gazit for US$45,000,000 in an off-market transaction from University Common Real Estate, who had owned the property for over fifty years. HennickCo and Gazit will now own 1430 Mass Avenue together as partners.
The historic building, known as College House, dates to the 1830’s and was originally a Harvard graduate student dormitory. The building is now occupied by retail and office tenants, including Harvard University. The new ownership group intends to implement a capital improvement plan to renovate the lobby, office common areas, and building systems. Additionally, the new owners intend to create exceptional retail spaces with high ceilings and expansive frontage directly across from Harvard Yard, while still maintaining the historic look and feel of the property.
“We are excited to add this iconic property to our portfolio in partnership with Gazit,” said Bradley Hennick, HennickCo’s Managing Director. “Located in the center of Harvard Square, the commercial and social epicenter of Harvard University, 1430 Massachusetts Avenue is an irreplaceable asset that will continue to appeal to the highest quality retail and office tenants for many years to come.”
Jory Hennick, Director of HennickCo, added, “This acquisition demonstrates our desire to invest in institutional quality core and core plus real estate assets in major metropolitan markets, properties we would be ‘proud to own’ for generations with best-in-class partners. We continue to seek out other real estate investment opportunities that meet this criteria.”
“We have partnered with the HennickCo team previously on other assets and were searching for more opportunities to work together,” said Jeff Mooallem, President and CEO of Gazit Horizons. “Bringing them in as a partner on the 1430 Massachusetts Avenue property is a perfect fit, as our vision and strategy are well aligned for this iconic asset.”
About Hennick & Company
Hennick & Company (“HennickCo”) is a private firm that invests in growth-oriented operating businesses and high-quality real estate. Established by the Hennick family, which founded and owns a significant equity interest in Colliers International (NASDAQ: CIGI | TSX: CIGI) and FirstService Corporation (NASDAQ: FSV | TSX: FSV), HennickCo has made material investments in several large-scale institutional quality real estate properties, as well as in financial services, manufacturing, staffing and facility service businesses. As a privately owned company backed by permanent capital, HennickCo does not have pre-determined investment hold periods and operates in a non-bureaucratic and entrepreneurial fashion. HennickCo’s goal is to identify, invest in and participate in the growth of great businesses and high-quality real estate assets in partnership with strong leadership teams and its investment partners. To learn more about HennickCo, please visit our website at www.hennick.com.
About Gazit Horizons
Gazit Horizons, Inc. invests in income producing real estate throughout the United States. With offices in Miami, New York City, and Boston, the Company actively pursues assets in targeted markets, focusing on major metro areas and growing urban cores of “gateway” cities. Gazit Horizons invests in larger properties with mixed-use potential and looks for unique opportunities to uncover value through diversity of use, as well as redevelopment and proactive asset management.
About Gazit Globe
Gazit Globe is a leading global real estate company focused on the ownership, development, and management of income-producing properties for mixed use including retail, office and residential located in densely populated urban cities. Gazit Globe is listed on the Tel Aviv Stock Exchange (TASE: GZT). As of September 30, 2020, The Group owns and operates 104 properties, with a gross leasable area of approximately 2.5 million square meters (approximately 27 million square feet) and a total value of approximately $11 billion.
Bradley Hennick Managing Director 416-966-9500
