For Fortress Investment Group, 2018 was a year of great transition. The most appealing change was the partnership with Softbank Group Corporation. The acquisition, which was made at $3.3 billion will help immensely on the development projects of Fortress Investment Group on real estate and equity finance. The company went public in 10 years with an IPO on the NYSE in 2007. The purchase of the firm saw the integration of $40 billion worth of assets, which were previously managed by Wes Edens, Randal Nardone and Peter Briger. Softbank is proud to be in ownership of shares at accredited companies such as Sprint, Alibaba and Uber. It is also heavily supported by giant tech companies such as Apple and Qualcomm.
Fortress Investment Group has also invested heavily in real states in the year. This is seen by the broad participation by Softbank on tech startup companies, infrastructure, and communications fields. Some of the public investment on real estate by the Fortress Investment Group is the Katerra, Compass, OpenDoor, and WeWork. With the partnership with Softbank, L&L Holding Firm and Maefield, Fortress has accepted its involvement in the $2.5 billion TSX Broadway project in the New York’s Time Square. The project entails several spa hotels, entertaining spots, and a retail marketing area. The retail space will take 75000 square feet; the hotels will take about 46 floors, a huge screen covering 18, 000 square feet around the building and three floors of palace theatre and entertainment stage.
In October 2018, Fortress Investment Group purchased the Tiffany & Co. building at Palm Beach along the Florida Worth Avenue. Although it is not as famous as Time Square, it remains one of the iconic areas in the US. The property was acquired at $20 million and extends to around 11,000 square feet. The tenants of the building will remain, but there are plans to introduce classic offices on the first and second floor. The other purchase by the Group is the SuperValu center. The transaction was made through CFGrocery at $66.4 million for the area covering 769,000 square feet on Pompano Beach. The acquisition is part of the company’s strategy to expand its operation in Florida.
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