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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN ANNOUNCES EXPANDED BUSINESS INITIATIVE; APPOINTS DOUGLAS HERCHER PRINCIPAL AND MANAGING DIRECTOR |
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Wednesday, January 21, 2004
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New York, NY
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Sonnenblick Goldman announced today that Douglas Hercher has joined the firm as managing director and principal. Mr. Hercher will focus on expanding Sonnenblick-Goldman’s institutional equity-raising capabilities, including fund-raising for small and mid-sized investment funds, and raising project equity for all types of real estate assets. He will also oversee financing, investment sale and equity joint venture transactions.
Prior to joining Sonnenblick-Goldman, Mr. Hercher was a managing director in Lehman Brothers’ Global Real Estate Group, where he headed a team of bankers responsible for executing structured equity and debt transactions for major public and private real estate investors. He also handled investment sales for large institutional-quality assets and portfolios.
During his tenure at Lehman, Mr. Hercher was involved in more than $5 billion of transactions, including the $365 million sale of a joint venture interest in the Fashion Centre Mall at Pentagon City; the $270 million, 1,000-unit residential development venture between the JBG Companies and Equity Residential; and the $930 million acquisition of the Hancock Tower Complex in Boston by Beacon Capital.
Mr. Hercher was previously an international managing director at Jones Lang LaSalle, where he was a senior member of that firm’s Investment Sales & Finance Group, as well as CEO, North America of Jones Lang LaSalle Hotels. During his 12 years at the firm, Mr. Hercher completed more than $6 billion of transactions with investors from around the world and arranged the sale of more than 40 major lodging properties, including such noteworthy transactions as the sales of the Plaza Hotel, Four Seasons New York, Hotel Beverly Wilshire, Westin RiverNorth and the Four Seasons Inn on the Park.
"Sonnenblick Goldman is one of a small handful of real estate firms that can genuinely deliver the full spectrum of sophisticated equity and debt structuring advice to its clients. Expanding into the institutional equity market is a natural extension of the firm’s already strong real estate investment banking practice," says Mr. Hercher.
Steven Kohn, president of Sonnenblick Goldman, comments, "Doug adds a new dimension to our firm and will enable us to target a new group of clients and investors and provide additional services to the company’s clients. He brings strong relationships and unique transaction experience in a broad range of asset types. I’m excited to have him as a partner and see this as one more critical step in Sonnenblick’s growth as a world-class provider of real estate advisory services."
Commenting on Sonnenblick-Goldman’s future plans, Mr. Kohn adds, "We plan to continue aggressively strengthening our existing franchise. At the same time, we’re exploring longer-term business initiatives, such as opening offices in new markets or creating merchant banking or principal investment capabilities for the firm."
Mr. Hercher holds a bachelor’s degree in history from Colgate University and a MBA from the Columbia University Graduate School of Business. He is a member of the Urban Land Institute and the Lincoln Center Real Estate & Construction Council, has been a regular speaker at industry conferences, and has contributed to articles in publications such as The Wall Street Journal, The New York Times, Real Estate Forum, Hotel Business, and Commercial Property News. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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