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National  + Net Lease  | 
iStar CEO Jay Sugarman said the 43-billion sale of its net lease portfolio culminates a successful investment strategy

iStar Selling Net Lease Portfolio to Carlyle 

iStar Inc. said Wednesday that that it had signed a definitive agreement to sell its owned and managed net lease assets for $3.07 billion to an affiliate of Carlyle’s Global Credit platform. The portfolio consists of 18.3 million square feet of institutional quality office, entertainment, and industrial properties located throughout the country. 

“The sale of our net lease portfolio is the culmination of a highly successful investment strategy for iStar and the result of the outstanding efforts of our net lease team, led by Barclay Jones and Catherine Tenney,” said Jay Sugarman, iStar’s chairman and CEO.  “We are pleased to sign an agreement that will recognize the value that we have built up over many years and that will enable the team to continue taking advantage of opportunities in the net lease space on behalf of Carlyle and its investors.” 

Roger Cozzi, Carlyle’s head of real estate credit, served as iStar’s CIO and co-head of its investment committee from 1995 to 2007 and played a key role in the acquisition of a significant portion of its net lease portfolio. 

Cozzi said, “iStar has a proven track record of success in sourcing and structuring net leases and has curated and actively managed this portfolio over the past two decades. I look forward to reuniting with the team, and to leveraging Carlyle’s vast resources to build on the strong foundation this portfolio creates as we escalate the growth of our broader real estate credit business.”   

Eastdil Secured served as exclusive financial advisor to iStar.

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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 13-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 15-20 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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