STAMFORD, CT—Land and Buildings Investment Management‘s Jonathan Litt has “straightforward” advice for NorthStar Asset Management Group and NorthStar Realty Finance: get back together. NSAM, which was spun off from NRF a year and a half ago, earlier this month announced that it would explore strategic alternatives and had hired Goldman Sachs as its financial advisor.

Calling NSAM “materially undervalued,” an assessment its chairman likely would agree with, the Land and Buildings founder and CIO says there are “numerous paths to unlock that value.” In a letter to David Hamomoto, NSAM’s executive chairman, Litt writes, “Since the grand experiment of spinning off NSAM from NRF in the summer of 2014, the shares of both companies have fallen over 50% from their highs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.