The new venture will keep doing what has worked best for Previdi and company since Goldman Sachs initially loaded up the war chest in 1997. WP Commercial's focus is to "acquire underutilized properties in in-fill locations and reposition or redevelop them as class A office properties," according to Previdi. "We can give tenants premium office space at 10% to 15% less than competitive properties."

Over the last few years, Wellsford and the Whitehall Group put together a portfolio of more than 40 properties totaling some five million sf in Northern New Jersey, as well as in the Boston and Washington, DC markets. The latest deal involves modifying Wellsford's operating terms so that the new entity will manage that portfolio and expand it with new acquisitions. All will operate under the WP Commercial banner, and all Wellsford/Whitehall Group senior managers will keep doing what they've been doing.

Besides Previdi, the new venture's senior management includes Michael Gribbon (metro Washington, DC), Thomas Powers (metro Boston), and Mark Schaevitz (metro NY/NJ). The trio will carry the title of chief operating officer in those regions.

"We are delighted that Whitehall, which has been one of the most successful real estate investors in the world, has decided to be the exclusive capital partner for this new venture," says Previdi. "This commitment will position WP Commercial to take advantage of opportunities in our core markets. I expect that this will lead to significant growth in our holdings in the future."