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New York & Tri-State  + Uptown/Bronx  + Finance  |  July 21, 2021
Paul Bubny
By: Paul Bubny

Taconic, Nuveen Close on Value-Add Fund

Taconic Partners and Nuveen Real Estate completed a $260-million fundraise for their jointly-sponsored value-add fund, New York City Property Fund II. The equity commitments, including leverage and strategic co-investment, will allow the fund to target a portfolio in excess of $1 billion and capitalize on unique buying opportunities across all real estate sectors throughout the New York Metropolitan Area.

The fund closed on its first acquisition, the West End Campus on Manhattan’s Upper West Side, in October 2019. Taconic and Nuveen are moving forward with a comprehensive renovation of the campus to make it suitable for life science use.

“This city remains in a state of continuous invention and reinvention, which is one of its many strengths as we look towards the future, post-pandemic,” said Chris Balestra, Taconic’s president and CIO. “We are targeting large assets in sectors that will benefit during this next phase of recovery and reinvention.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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