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NEW YORK CITY-Hoping to capitalize off struggling office properties, Goldman Sachs’ Whitehall Street Real Estate Funds and Cushman & Wakefield have joined forces to launch Sienna Capital LLC, an independent real estate entity bent on acquiring, upgrading and reselling value-impaired buildings in central business districts.

Despite an initial focus on the Northeast, the new venture is ultimately looking to buy, manage and reposition properties globally using capital from Whitehall– Goldman Sachs’ private real estate fund. Whitehall boasts about $40 billion of property worldwide, according to a spokesperson. C&W will serve as the operating leg of the venture, handling all leasing, management, and sales for Sienna. Per the agreement, Sienna and Whitehall will also have access to the C&W’s research and e-partner capabilities.

Tom Falus, president of C&W’s strategic ventures group, will head up Sienna as CEO once the venture inks its first office acquisition. Developer Michael Dennis will serve as chairman.

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