Fortress Investment Group, LLC, founded on 1998, is based in New York and maintains offices in several locations including Hong Kong, Singapore, Italy, Los Angeles and Philadelphia. The company serves more than 1,700 clients and manages assets totaling more than $60 billion. On 2007, management took the company public. Fortress focuses on several arras of interest including real estate development and redevelopment.
Recently, Fortress Investment Group purchased a 16,374 square foot building in Palm Beach, Florida for $20 million, even though the expected sale price was twice thattr. The building was on the market for more than two years before being purchased by Fortress. Located on Worth Avenue on Palm Beach, the renowned jeweler, was the main Tennant. The jeweler invested several million dollars into upgrades that included steel doors and marble floors along with the trademark Tiffany clock above the entrance.
The building was a 1950 construction project for the Madden family, who owned the building for several decades. The family decided to sell the building for several reasons including the current market and economic conditions and family consideration. The Fortress Group will continue to lease the building and an outside company will be the leasing agent.
The Fortress Investment Group has also taken on Times Square in New York with a partnership that purchased property at 20 Times Square, as well as hotel property across the street. The hotel is home to 39 stories and more than 450 guest rooms. 20 Times Square was home to the Palace Theater, which was also slated for rehabilitation that included upgrades to the theater with a large outdoor sign screen. This was not the first real estate undertaking for the investment team, as they had taken on other properties and upgraded them.
Fortress Investment Group has received several awards recently, recognizing the company’s commitment to excellence in the industry. The Alt Credit Intelligence 2017 Performance Awards recognized Fortress for Outstanding Achievement for being the Industries best multi-strategy credit fund. Winners were chosen by a panel of judges that included private and institutional leaders, as well as experts in the investing industry Fortress Investment Group Partners with iPass to the Tune of $20M in Credit