ARGENT VENTURES

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Argent Ventures LLC is a vertically-integrated, diversified real estate investment and development firm specializing in opportunistic, value-add and core transactions throughout the United States. Founded in 1997 and headquartered in New York City, the firm pursues debt- and equity-related investments in any asset class. Since its inception, Argent has invested more than $2.5 billion in real estate-related assets.

About

About Us

Argent Ventures LLC ("Argent") is a vertically-integrated, diversified real estate investment and development firm specializing in opportunistic, value-add and core transactions throughout the United States. Founded in 1997 and headquartered in New York City, the firm pursues debt- and equity-related investments in any asset class. Since its inception, Argent has invested more than $2.5 billion in real estate-related assets, primarily in New York City, Florida and California. The firm has substantial equity available for investment and it has a long, successful track record of sourcing, structuring and closing complex transactions quickly and for creating value for its partners and investors through active, "hands on" asset management. Argent has no legacy issues and it is nimble and entrepreneurial in its approach to deal making.The firm's target property types include well-located land, office, multifamily/condo, hotel, retail and industrial assets, and its primary geographic focus is on specific supply-constrained markets where it has previous acquisition and operational experience:New York CityLos AngelesMiamiOther coastal citiesArgent's investment, development and financial partners include:Morgan StanleyTishman SpeyerOaktree Capital ManagementMillennium Partners Fortress Investment GroupLehman BrothersLCORiStar FinancialRBS Greenwich CapitalHRO
Opportunistic Strategy
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Opportunistic Strategy

Argent pursues opportunistic investments in any asset class that involve the following:Distressed debtBroken partnershipsUncompleted developmentsRestructuringsRecapitalizations Rescue equity for troubled sponsorsEnvironmentally-challenged assets Development/redevelopment
Core/Value-Add Office Strategy
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Core/Value-Add Office Strategy

Argent acquires well-located, institutional-quality core and value-add office properties throughout the United States with the following characteristics:CBD locationHigh quality, primarily credit tenantsLimited near-term lease rolloverMinimal deferred capital expendituresNo significant repositioning and/or redevelopment
Investments
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Investments

Argent has owned, developed, and/or operated millions of square feet of real estate since 1997. Representative transactions showcasing the firm's entrepreneurial, creative and hands-on approach to creating value for its investors, partners, and tenants include, but are not limited to, the following:Unrealized AssetsGrand Central Terminal, New York, NY: Argent acquired this 1.3 million square foot iconic property net leased to The Metropolitan Transit Authority of the State of New York (MTA). As part of the deal, Argent also acquired approximately 1.3 million square feet of transferable development rights and the land under 140 miles of railroad tracks. Capitol Records Building, Hollywood, CA: Argent acquired this 105,000 square foot landmark office building and recording studio located at Hollywood and Vine in a sale leaseback with EMI. The property is the centerpiece of a new, 1.2 million square foot mixed-use development Argent is planning with its joint venture partner, Millennium Partners. 313 Gold Street, Brooklyn, NY: Argent acquired the senior mortgage secured by a 17,000 square foot development site in Downtown Brooklyn that can be improved with an approximate 250,000 square foot residential mixed-used building.166 West 75th Street, New York, NY: Argent acquired the senior mortgage secured by a 207-unit hotel.Partially-Realized AssetsALTA/Park City Coop/Condo Apartment Portfolio, New York, NY: Argent acquired 1,000 rent-regulated and unregulated cooperative and condominium apartments located throughout Manhattan, Brooklyn and Queens. More than 400 units have been sold to date with gross proceeds in excess of $75 million.Landmark at Eastview, Tarrytown, NY: Argent acquired this 800,000 square foot office/lab campus that included one of the largest development sites in Westchester County from the foreclosing lender and then leased up the existing property and sold it to BioMed Realty Trust in 2004. Argent sold a retail development site to Home Depot in 2006, and is now entitling the remaining big box retail sites with its joint venture partner, LCOR Incorporated.Starrett Corporation, New York, NY: Argent and its partners successfully executed a leveraged buyout of this NYSE-listed public company. Some of its subsidiaries, including HRH Construction and Levitt Homebuilder, were sold and Grenadier Realty Corporation, a manager of more than 27,000 multifamily units in the New York metro area, was retained.Transferable Air Rights, Washington, D.C.: Argent is the largest owner of transferable, useable development rights in Washington, D.C. Realized InvestmentsChrysler Building, 405 Lexington Avenue, New York, NY: Argent acquired the key debt position on this 1.2 million square foot property and then orchestrated the purchase of the fee in a partnership with Tishman Speyer.Manhattan Mall, New York, New York: Argent acquired the first mortgage on this 1.0 million square foot retail/showroom building and subsequently obtained the fee interest from the Simon family of the Simon Property Group. Argent repositioned the property into primarily Class A office space with ground floor retail through an $80 million redevelopment. The property was sold to Vornado Realty Trust in 2007. Pfizer Building, 685 Third Avenue, New York, NY: Argent acquired this vacant 635,000 square foot property in a partnership with Blackacre Capital Management. The property was leased and sold to a pension fund.One Park Avenue, New York, NY: Argent acquired the senior mortgage on this 66% occupied, 920,000 square foot, Class A office tower and then obtained the fee interest through a workout. After taking title, Argent successfully executed an extensive renovation, released vacant space and sold the building to SL Green in 2001 for $240 million.17 Battery Place, New York, NY: Argent acquired the mortgage on the leasehold of this 1.2 million square foot building and then subsequently consolidated the leasehold and fee interest and sold the property. 633 Third Avenue, New York, NY: Argent acquired an 185,000 square foot vacant office condominium unit in this 1.3 million sf Class A office tower and then renovated and parceled the unit and sold to multiple users in 2000-2001.Omni Mall, Miami, FL: Argent acquired this shuttered mall to reposition it as a telecommunications data center. When this business plan was no longer viable, Argent successfully repositioned the property to receive City of Miami approvals for a 5.5 million square foot master-planned mixed-use development. After extensive capital improvements, a portion of the property was repositioned into Class A space and leased to educational and office tenants. Argent also conducted a $56 million renovation of the 527-key hotel and reflagged it as a Hilton. The property was sold to Genting Group in 2011.300 Boulevard East, Weehawken, NJ: Argent acquired this 330,000 square foot substantially vacant industrial/office building in 1999 and then conducted a repositioning to upgrade the facility into a 100% occupied, state-of-the-art telecom/data center. The property was sold to Global Innovation Partners/CalPERS in 2002 for $57 million.Fort Washington Office Center, Fort Washington, PA: Argent acquired this 400,000 square foot suburban office center that was 65% occupied by a tenant with a near-tem lease expiration and then successfully renewed the lease and sold the property in 2000 to Heitman/CalSTRS for $53 million.420 rue d'Estienne d'Orves, Paris, France: Argent acquired this former 600,000 square foot industrial building adjacent to the La Défense district in Paris and successfully re-zoned it for office use and then developed it in partnership with HRO International. The property was sold to Gecina Group in 2006 for 349 million Euros.
Team
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Team

Key ExecutivesAndrew Penson Mr. Penson is the President and Founder of Argent. He has been involved in all phases of the firm’s development since its founding. Prior to Argent, Mr. Penson led the real estate investment division of Amroc Investments Inc., a leading investment firm and the predecessor to Avenue Capital, a multi-billion dollar hedge fund. Previously, Mr. Penson practiced law with Jones Day. He is a member of New York Law School’s Board of Trustees. Mr. Penson earned a B.A. from the State University of New York at Stony Brook and a J.D. from New York Law School. Mark TeitelbaumMr. Teitelbaum is the Chief Operating Officer of Argent, responsible for overseeing the redevelopment, leasing, and management for all properties in the portfolio, as well as the structuring and financing of new acquisitions. Prior to joining Argent, Mr. Teitelbaum was a Senior Managing Director with Julien J. Studley, Inc. where he worked on nearly $1 billion in investment and development transactions. Previously, he was in charge of real estate lending at the New York branch of Dai-Ichi Kangyo Bank, where he oversaw $2 billion in construction and permanent loans. Mr. Teitelbaum earned a B.S. in Accounting and Economics from New York University and an M.B.A. from Pace University.Michael GarganoMr. Gargano is a Managing Director at Argent, responsible for structuring and financing new acquisitions and for overseeing development, leasing and management. Prior to joining Argent, Mr. Gargano worked at Julien J. Studley, Inc. Previously, he was a real estate attorney with the law firm of Shearman & Sterling, where he represented institutional and government clients on several major real estate development and financing transactions. At Argent, he has acted as advisor to the NYS Empire State Development Corp. in connection with the 42nd Street Development Project and the Shubert Organization in connection with theatre air rights. He is a member of the Board of Directors for the Hollywood Chamber of Commerce, the Hollywood Property Owners Alliance (BID), and Coferon, Inc., a biotech company.Mr. Gargano earned a B.A. from the State University of New York at Stony Brook and a J.D. from Boston University.Jonathan RabinowMr. Rabinow is a Managing Director at Argent, responsible for sourcing and executing investments and for asset management. Previously, he was Senior Vice President and Head of Investments at RXR Realty where he led a team who underwrote, structured, and invested in over $5 billion of assets. Prior to RXR Realty, Mr. Rabinow was a Vice President at Racebrook Capital, LLC, a Warburg Pincus portfolio company specializing in the acquisition of non-performing loans and distressed real estate assets. Mr. Rabinow also served as Treasurer of Sirius Satellite Radio where he led a team in raising over $500 million and completing a $1.2 billion financial restructuring with Apollo Management and the Blackstone Group. He began his career as a Financial Analyst in the hospitality investing group of LaSalle Partners, Inc. Mr. Rabinow earned a B.A. in Economics from the University of Pennsylvania and an M.B.A. from The Wharton School of the University of Pennsylvania.Bertrand AmezcuaMr. Amezcua is a Vice President and the Controller at Argent, responsible for accounting, investment reporting, treasury functions, financial controls and information systems. He is also responsible for managing audit engagements and lender relationships. Prior to joining Argent, Mr. Amezcua was a Senior Analyst with Julien J. Studley, Inc., where he worked on investment and development transactions. Previously, he was an Assistant Treasurer in Dai-Ichi Kangyo Bank’s real estate department, where he was responsible for the underwriting and monitoring of construction and permanent loans. Mr. Amezcua earned a B.A. in Economics from Boston University and an M.B.A. in International Finance from New York University’s Stern School of Business.Eric AndersonMr. Anderson is a consultant at Argent where he provides real estate development expertise. Mr. Anderson has been affiliated with Argent since 2000. During his 20-year career, Mr. Anderson has led real estate developments valued at more than $4 billion. In addition to Argent, he has overseen projects for Goldman Sachs, Dune Capital, General Electric, CNBC, the Philadelphia Eagles, the New York State Supreme Court, Alexico Group, and Kajima Urban Development. Most recently he has overseen the design and other pre-construction activities for 56 Leonard Street, a Herzog & de Meuron designed high-rise condominium. He is a licensed architect in the State of New York. Mr. Anderson earned a B.A. from the University of California at Berkeley, an M.B.A. from The Wharton School of the University of Pennsylvania, and a Master of Architecture from Harvard University.
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For more information about Argent Ventures and/or to discuss investment opportunities, please contact:Jonathan RabinowManaging Director212.692.5408jrabinow_argentventures.comArgent Ventures LLC551 Fifth Avenue, 34th FloorNew York, NY 10176212.692.5400