Philip Blumberg Blog

Blumberg Capital Partners in the News

Blumberg Capital Partners was recently featured in a special report on TheStreet.com. Middle Easterners Ready to Pounce on U.S. Media

An excerpt:

Middle Eastern investors are interested in more than just plowing money into U.S. financial firms such as Citigroup. They’re looking to break into the U.S. media arena, normally the domain of heavy hitters including Rupert Murdoch.

Commercial real estate investment firm Blumberg Capital Partners is planning to launch its first fund to invest in U.S. media companies, and its investor base will consist of Middle East-based entities, TheStreet.com has learned.

The fund, for which CEO Philip Blumberg says there is interest amounting to at least $500 million, would target newspapers as well as Hollywood movie studios, online media outfits, broadcast news and possibly radio businesses. Including the use of leverage, the fund will have buying power of approximately $1.5 billion and could kick off by the second quarter next year, Blumberg says.

Blumberg Capital Partners in the News

An announcement from Blumberg Capital Partners was recently featured in the Marketwire. Philip Blumberg and Blumberg Capital Partners Unveil Multi-Million Dollar Project to Upgrade Houston and Tampa Commercial Properties

An excerpt:

Blumberg Capital Partners, one of the largest real estate investment managers in the U.S., today announced plans to invest in upgrades to its commercial properties in Houston, Tex., and Tampa, Fla. The initiative includes a $6 million project to invest in new services and tenant amenities at Houston's Three Riverway Office property over the next 18 months. Blumberg Office Properties, the commercial real estate arm of Blumberg Capital Partners, has owned and managed Three Riverway Office Tower since 2000.

"The investment program illustrates Three Riverway's prominence in our U.S. commercial real estate portfolio," said Philip Blumberg, CEO of Blumberg Capital Partners. "Houston's Galleria Area is premium real estate, and Houston is one of the fastest-growing metropolitan areas in the country."

Blumberg said the investment program will include upgrades to the Tower's fitness center and conference rooms, as well as a complete overhaul of the property's lighting system to boost energy efficiency. Wireless Internet access technology also will be available in common areas. In addition, common area corridors will be redesigned and upgraded. The investment also will include significant landscape work and improvements to property roadways.

Unique Luxury Amenities in Office Building Renovation Plans

The Houston Business Journal recently carried a story about Blumberg Capital Partners' plans for a $6 million upgrade to our Three Riverway property. The full article, by Jennifer Dawson, is here . In case you're not a subscriber, here's a snippet of what the HBJ said:

Office building upgrade will add touches of upscale hotel.

The Three Riverway office building is about to get a $6 million face-lift to make the structure more like an upscale hotel.  A club-level suite will be added to the 20-story office building as part of an 18-month renovation project announced last week by owner Blumberg Capital Partners of Coral Gables, Fla.

Company CEO Philip Blumberg cited the new amenity in a prepared statement: "We'll be adding a club-level suite to Three Riverway, similar to club-level suites found in five-star hotels, which we believe will be a first in the U.S. commercial real estate market," said Blumberg.