LOS ANGELES-A new venture started by prominent local developer J.H. Snyder & Co. and a former partner at MaguirePartners intends to use its initial $50 million in funding to acquire properties in coastal areas that have redevelopment potential, the partners say.
The new venture, Snyder Partners, was announced yesterday. It unites J.H. Snyder, whose high-profile projects include the 1.26-million sf Water Garden office campus in Santa Monica, with veteran broker and former MaguirePartners executive Drew Planting.
Planting, who most recently was marketing MaguirePartners’ interests in the Westside’s Playa Vista development, worked with J.H. Snyder several times in the past. He says he approached the company, headed by multimillionaire builder Jerry Snyder, largely because there are several promising projects available today and the recent softening in real estate prices has made potential acquisitions more affordable.
The venture has already raised $50 million, adds Planting, who will head the operation with longtime J.H. Snyder partner Cliff Goldstein. It will focus on coastal properties with upside potential that can be realized through remodeling or redevelopment, better marketing, improved zoning or through other value-added measures.
Though J.H. Snyder Co. has built some of the region’s best-known office and retail complexes, it also has been involved in some key redevelopment jobs. Earlier this month, it unveiled plans for a $160-million redevelopment project in North Hollywood that would include more than 1.2 million sf of office and retail space as well as several apartments.