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Lorber, Witkoff Team on SPAC Targeting Proptech
Two New York real estate titans have teamed up to form a special purpose acquisition company (SPAC) targeting the proptech sector. Known as Ocean Drive Acquisition Corp., the company plans to raise $250 million by offering 25 million units at $10 apiece.
The blank-check company is co-founded by affiliates of Vector Group CEO Howard M. Lorber, Witkoff Group CEO Steven Witkoff and Monroe Capital. It will be managed by Chicago-based Monroe Capital, with Witkoff as CEO.
“While we may acquire a business in any industry, sector or geography, our focus will be on proptech companies,” Ocean Drive said in its SEC registration statement. “We believe that proptech is a rapidly expanding market across all verticals of the real estate industry and those adjacent industries that focus on the built environment.
Within the proptech sector, Ocean Drive will target “fundamentally sound and public-ready corporate entities,” according to the filing.
Pictured, at top: Steven Witkoff. Lower right: Howard Lorber.
- ◦Acquisition
