Floyd Mayweather Jr. is continuing to target New York and make major splashes in the commercial real estate space. This time he has made an investment in a $10 billion portfolio that includes Tri-state area office properties, according to a report from The Real Deal.
The assets make up 601W Companies’ biggest portfolio, which compromises 410 10th Avenue in Hudson Yards, Jersey City's Harborside office complex, Aon Center in Chicago, and the Old Post Office Building, also located in the Windy City. The portfolio includes a total of 18 buildings that take up 10 million square feet of space.
A spokesperson cited by The Real Deal said that Mayweather sees "tremendous upside" in the assets, thanks to 601W's track record. In total, the real estate firm operates 16 properties, managing $7 billion in asset value. Also, according to 601W, three-quarters of its properties have raked in more than 18 percent each year in returns. The exact terms of the Mayweather investment were not revealed.
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Plus, lately office has been seeing a strong recovery since remote work picked up from the pandemic. While national building visits are 34 percent below October 2019 levels, the traffic is the highest it's been at since February 2020, according to a market report from Placer.ai. New York and Miami, are the cities leading the recovery, with office visits in metro areas hitting 86.2% and 82.6% of their pre-pandemic levels, respectively.
The move by Mayweather continues his leap of faith in New York. In October, the boxing legend made the second-largest NYC multifamily deal of the year with his $402 million portfolio acquisition in Manhattan, The Real Deal reported. The purchase was mostly focused on Upper Manhattan, with over 60 buildings and 1,000 units under the affordable housing category.
In the past, Mayweather has worked with SL Green Realty Corp. on multiple deals including when he invested in nine scrappers in the city and was involved with the development of a casino in Times Square, according to The Real Deal. The 47-year-old has invested more than $100 million with SL Green.
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