Macklowe launches WMC; Refinances two portfolio properties

Real estate developer and investor William (Billy) Macklowe has launched his new venture, William Macklowe Company (WMC). Macklowe and a team of a dozen professionals that joined him from his former company, Macklowe Properties, have established WMC's headquarters on the entire 28th floor at 126 East 56th St., where they will focus on acquisitions, strategic lending, real estate correlated investments and portfolio acquisitions. WMC will continue management of its own portfolio and will pursue select third-party management assignments. In an auspicious start to his new business, WMC refinanced two portfolio properties, the 22-story office building at 400 Madison Ave. (with $66.5 million in refinancing from Metropolitan Life Insurance Co. and Malkin Strategic Capital) and the office/retail building at 610 Broadway in SoHo (with a $43 million first mortgage from Eurohypo). "We're excited about our business plan and the broad platform we've developed," he said. "It allows us to be opportunistic in our investment strategy, continuing to use our strengths in both traditional office and residential deals and complex transactions where our broad and unique experience will add significant value." "Not only will our buildings will be run and operated in the Macklowe tradition, which has long been recognized for exemplifying the highest management standards of our industry, but we are also looking forward to joining with institutional and joint venture partners in new acquisitions and development opportunities where the creative approaches, extensive building experience and diverse capabilities of our platform can help achieve a project's full potential." WMC's nucleus of seasoned real estate specialists includes CPP Jason Grebin, managing director of finance & acquisitions Noah Leonard, executive VP of management services Jim Migliore and senior VP of commercial leasing Ken Dillon. Respected for his broad real estate expertise, particularly in development, acquisitions, leasing and finance, the younger Macklowe joined his father, Harry, at Macklowe Properties in 1993. He assumed the presidency of that company in 2002 and took over as chairman & CEO in 2008. He left Macklowe Properties in July to launch WMC.