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MHP Real Estate Services, Banyan Street Capital Forge Alliance

Miami, New York Firms to Combine Resources Under Respective Brands
April 19, 2018
New York-based MHP Real Estate Services has teamed with Banyan Street Capital of Miami to form one of the nation’s largest private commercial real estate companies with a combined portfolio valued at more than $3 billion.

The two firms own and manage office buildings totaling more than 15 million square feet across the Eastern U.S., and will coordinate efforts while continuing to operate under their respective brands. MHP said the partnership will give both firms additional resources.

Aside from its Miami headquarters, Banyan has offices in Atlanta, Boston and Jacksonville, FL. Banyan wanted to enter New York City to solidify its East Coast footprint, according to MHP, which boasts a 99-percent occupancy across its own portfolio.

“We mesh really well, their group and our group,” said David Sturner, MHP’s president and CEO.

Sturner added that MHP was in a selling mode recently, but is actively looking to buy now that the partnership is finalized. With the partnership finalized, Norman Sturner will assume the role of chairman of MHP.

“In combination, we will look to take advantage of these synergies, we will continue to be premier owners and operators of office buildings in our markets and we will continue to seek to add value and deliver high risk-adjusted returns for our partners and investors,” Rudy Touzet, CEO of Banyan Street, said in a statement.

Paul Owers, South Florida Market Reporter  CoStar Group   
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