Lee & Associates and its Sierra Real Estate affiliate have recruited Cogswell Realty into a three-way partnership for management of a vast property portfolio and potential future acquisitions called Cogswell Lee Development Group, Commercial Observer has learned.
Sierra and Cogswell have worked together in joint property and construction management arrangements since 2012, but the new partnership will allow the companies to offer superior products and services to their clients, said James Wacht, the president of Lee & Associates and Sierra.
“There is an obvious synergy between the three companies and, together, we bring much added value to the market, as well as to our respective firms,” Mr. Wacht said in a prepared statement. “We can now offer our clients the best brokerage and management services, as well as construction management and a wide range of investment opportunities. In addition, our acquisition platform allows us to create wealth for our brokers, whom we encourage to invest in our deals.”
The three companies boast 1 million square feet of office space, 100 retail spaces and 650 residential units across 35 properties, according to Lee & Associates officials, and the partnership recently completed a joint $185 million purchase of 183 Madison Avenue with Tishman Speyer.