MHP Real Estate Services, a New York City–based boutique real estate investment, management and brokerage firm, and Banyan Street Capital, a Miami -based real estate investment and management firm, have united to form one of the largest privately held owners and operators of commercial real estate properties in the country.
Their combined owned and managed assets consist of more than 15 million square feet in the eastern region of the United States with an aggregate value in excess of $3 billion.
MHP and Banyan Street will continue to operate with their respective brand names, but will coordinate their efforts across Banyan Street’s Miami, Atlanta and Boston offices and MHP’s New York City office. The combination of the two firms in New York City will round out Banyan Street’s East Coast footprint and provide the firms with the broader capabilities and resources to execute on opportunities on behalf of their respective clients, investors and partners.
Now that the partnership has been finalized, Norman Sturner will assume a position as chairman of MHP, and David Sturner will be MHP’s president and CEO.
“The union of MHP and Banyan Street has been in the works for some time. With MHP’s portfolio at 90 percent occupancy and Banyan Street’s desire to add the metro NYC real estate market to its East Coast portfolio, the alliance simply made sense,” said Sturner.
