# Turnbridge Equities

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**Turnbridge Equities** is a [privately held](/source/Privately_held_company), [Manhattan](/source/Manhattan)-based [real estate](/source/Real_estate) investment company. The firm has a US$2 billion portfolio of development projects for various types of properties in the United States and is considered "asset class-agnostic". Turnbridge began construction on a 1.3 million square foot logistics center, one of the largest industrial projects in New York City in 2021.[1] Turnbridge was founded in 2015 by Andrew Joblon, who worked for another New York real estate firm, [Fisher Brothers](/source/Fisher_Brothers).

## Projects

The company's first deal involved vacating 17 retail tenants and securing zoning incentives for a city block in [Miami Beach](/source/Miami_Beach,_Florida). The area was later sold to [Michael D. Fascitelli](/source/Michael_D._Fascitelli) and Dreamscape Companies CEO Eric Birnbaum (co-owner of the [Rio Las Vegas)](/source/Rio_(hotel_and_casino)), who also built the Goodtime Hotel with an investment from [David Grutman](/source/David_Grutman).[2]

In June 2018, Turnbridge Equities and Harbor Group International (HGI) entered an agreement to ground lease a 90,000 square foot warehouse at 2300 Linden Boulevard in New York, in close proximity to the [JFK airport](/source/John_F._Kennedy_International_Airport).[3] The warehouse was later leased by [Amazon](/source/Amazon_(company)), who used the location as a delivery station. HGI sold their interest in the warehouse to [BentallGreenOak](/source/BentallGreenOak), a real estate investment firm, in 2021.[4]

In January 2019, Turnbridge Equities announced the purchase of the [Cary Towne Center](/source/Cary_Towne_Center) shopping mall for $31.5 million. The mall was renovated and later sold to [Epic Games](/source/Epic_Games) for $95 million, with plans for the space to become the company's headquarters.[5] Turnbridge was also part of the team that acquired the Ballantine Industrial Center, which is the site of the former [Ballantine Brewery](/source/P._Ballantine_and_Sons_Brewing_Company), one of the oldest brands of beer in the United States.[6]

The company acquired the rights to a $33.6 million loan in 2020 that was applied to buildings in the [South Congress](/source/South_Congress) neighborhood.[7] That same year, it acquired The Creamery in [Raleigh, North Carolina](/source/Raleigh,_North_Carolina) for $34.7 million. The property dates back to the 1920s and was the former dairy products factory, [Pine State Creamery](/source/Pine_State_Creamery).[8]

Turnbridge Equities completed a $500 million recapitalization deal on Music Lane, an Austin, Texas based commercial strip containing businesses such as [Hermès](/source/Herm%C3%A8s), [Soho House](/source/Soho_House_(club)), [Brevan Howard](/source/Brevan_Howard), and [Deloitte](/source/Deloitte), in 2022.[9] Later that year, it was reported that Turnbridge and Fundamental Advisors LP sold the Northern-Virginia based office portfolio for $220 million to an undisclosed buyer. The leased tenants of the buildings included cyberspace and defense infrastructure companies such as [Lockheed Martin](/source/Lockheed_Martin), [General Dynamics](/source/General_Dynamics), [Boeing](/source/Boeing), and [Northrop Grumman](/source/Northrop_Grumman).[10] In September 2022, an agreement was reached between Turnbridge and the [Raleigh City Council](/source/Raleigh_City_Council), allowing for the rezoning of the historic [Seaboard Station](/source/Raleigh_Union_Station#Seaboard_station) property in North Carolina. The Seaboard Station was Raleigh's central train station for decades prior and dates back to 1942. Turnbridge initially sought to demolish the station, which never received a historical landmark designation. In exchange for preserving at least 50 percent of the station either relocated or on-site, Turnbridge is able to build up to 20 stories on the property.[11]

It received approval from the [City of Long Beach](/source/Long_Beach,_California) to redevelop a closed shopping mall into residential apartments in April 2023.[12] In a joint venture with Manekin, Turnbridge Equities secured $275 million to develop the National Capital Business Park in [Upper Marlboro, Maryland](/source/Upper_Marlboro,_Maryland). The $165 million construction loan was through [Apollo Global Management](/source/Apollo_Global_Management) and $110 million in equity from [Qatar Investment Authority](/source/Qatar_Investment_Authority) and PCCP.[13] The property was acquired in March 2021.[12]

## References

1. Rebecca Baird-Remba (June 14, 2022). ["NYC’s Largest Under-Construction Warehouse Rises — on Spec — in Hunts Point"](https://commercialobserver.com/2022/06/nycs-largest-under-construction-warehouse-rises-on-spec-in-hunts-point/). *Commercial Observer*. Retrieved October 18, 2023.

1. Joe Lovinger (March 2, 2023). ["How Turnbridge Equities built a $2B portfolio in under a decade"](https://therealdeal.com/magazine/national-march-2023/how-turnbridge-equities-built-a-2b-portfolio-in-under-a-decade/). *The Real Deal*. Retrieved October 18, 2023.

1. Daniel Geiger (June 6, 2018). ["Turnbridge Equities and Harbor Group partner on East New York warehouse"](https://www.crainsnewyork.com/article/20180606/REAL_ESTATE/180609944/turnbridge-equities-and-harbor-group-partner-on-east-new-york-warehouse). *Crain's New York*. Retrieved October 19, 2023.

1. Liz Young (February 3, 2021). ["Investment manager BentallGreenOak buys Amazon-leased logistics facility in Brooklyn"](https://www.bizjournals.com/newyork/news/2021/02/03/amazon-leased-warehouse-in-brooklyn-sells.html). *New York Business Journal*. Retrieved October 19, 2023.

1. Brooke Cain (February 1, 2019). ["Cary Towne Center sold to out-of-state real estate firms"](https://www.newsobserver.com/news/business/article225421205.html). *News & Observer*. Retrieved October 23, 2023.

1. ["Former Ballantine Brewery in Newark at Full Occupancy"](https://njbmagazine.com/njb-news-now/former-ballantine-brewery-in-newark-at-full-occupancy/). *New Jersey Business Magazine*. September 27, 2022. Retrieved October 23, 2023.

1. Paul Thompson (August 25, 2021). ["A bright spot for World Class: Nate Paul's firm refinances three high-profile Austin sites"](https://www.bizjournals.com/austin/news/2021/08/25/world-class-refinances-prime-sites.html). *Austin Business Journal*. Retrieved October 20, 2023.

1. ["Turnbridge tips its hat to lender who followed through despite market distress"](https://rew-online.com/turnbridge-tips-its-hat-to-lender-who-followed-through-despite-market-distress/). *Real Estate Weekly*. April 24, 2020. Retrieved October 20, 2023.

1. Cindy Widner (January 12, 2022). ["Exclusive: Turnbridge Equities closes $500M Texas recap deal"](https://therealdeal.com/new-york/2022/01/12/exclusive-turnbridge-equities-closes-500m-texas-recap-deal/). *The Real Deal*. Retrieved October 18, 2023.

1. Dan Brendel (August 10, 2022). ["Portfolio of N. Va. office buildings leased to contracting behemoths sells for $220M"](https://www.bizjournals.com/washington/news/2022/08/10/turnbridge-boeing-lockeed-northrop-general-dynamic.html). *Washington Business Journal*. Retrieved October 18, 2023.

1. Zachery Eanes (September 21, 2022). ["Seaboard Station preservation deal reached"](https://www.axios.com/local/raleigh/2022/09/21/seaboard-station-preservation-raleigh-nc). *Axios*. Retrieved October 18, 2023.

1. Steven Sharp (January 18, 2023). ["Redevelopment of City Place Long Beach mall could yield 900 apartments"](https://la.urbanize.city/post/redevelopment-city-place-long-beach-mall-could-yield-900-apartments). *Urbanize*. Retrieved October 18, 2023.

1. Keith Loria (June 8, 2023). ["Turnbridge, Manekin Secure $275M for Industrial Park Development in DC Suburbs"](https://commercialobserver.com/2023/06/turnbridge-manekin-secure-275m-industrial-development-dc-suburbs/). *Commercial Observer*. Retrieved October 18, 2023.

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Adapted from the Wikipedia article [Turnbridge Equities](https://en.wikipedia.org/wiki/Turnbridge_Equities) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Turnbridge_Equities?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.