Simon to Customize Program for Gordon Brothers Group Affiliate DJM Realty
BRAINTREE, MA – The Simon Companies, a professional developer, owner and manager of commercial and multifamily real estate, has been selected to provide asset optimization services for a national, 16-property ground lease portfolio.
The Simon Companies will provide lease administration and accounting services for the portfolio, which is owned by an affiliate of Boston-based Gordon Brothers Group and New York-based DJM Realty. DJM Realty is the real estate management subsidiary of Gordon Brothers Group, a global advisory, restructuring and investment firm.
The 16 properties are located throughout the country and all have long-term ground leases and associated restaurant subleases in place. The portfolio requires a high level of administrative attention to ensure that the rights and obligations with respect to both landlords and sub-tenants are maintained and maximized.
“By focusing on attention to detail, our lease administration discipline and accounting infrastructure, The Simon Companies will help our client protect and maximize the value of their investment in a manner that allows them to focus on their core business activities and have confidence that details will not be overlooked,” said Randall S. Goldstein, vice president and director of fiduciary properties at The Simon Companies. “The assignment represents a leap for us from regional owner and service provider to work on a national scope and validates our opinion that companies of all sizes have smaller project needs that require attention to detail that larger real estate firms are unable – or unwilling – to provide. We believe we can fill that void in a more cost-effective and results-oriented manner.”