Banyan Street Capital merges with New York real estate firm

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Miami-based Banyan Street Capital has merged with New York-based MHP Real Estate Services to form a commercial real ‘ Banyan Street owns many office buildings in South Florida,

Norman Sturner merges MHP with Miami’s Banyan Street Capital

David Sturner, Norman Sturner and 277 Park Avenue, where MHP Real Estate Services’s offices are located

Norman Sturner’s MHP Real Estate Services sold a stake in the company for an undisclosed figure to Miami-based firm Banyan Street Capital, forming a joint venture with a combined portfolio valued at more than $3 billion.

Sturner, MHP’s president and CEO, will hold the position of chairman of the combined companies, the Commercial Observer reported. He will focus on sourcing deals and leading the senior team.

Banyan Street Capital, an investment and management firm, made one of South Florida’s top 5 most-expensive office building deals last year when it bought a 226,000-squre-foot Fort Lauderdale tower for $81.5 million.

Along with MHP, the two companies have a combined portfolio spanning 15 million square feet along the East coast, with offices in New York, Miami, Atlanta and Boston.

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  • Publisher: The Real Deal New York
  • Date: 2018-04-16T08:45:14+00:00
  • Author: Rich Bockmann
  • Twitter: @trdny
  • Citation: Web link

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