The investment management firm has started investing in Times Square. Earlier this year, Fortress Investment Group partnered with other firms to acquire the Palace Theater which is situated at 20 Times Square. The building is located within a hotel that had been sold earlier on and was undergoing renovation at the time. Another partnership was signed between the firm and Maefield Development to buy the 20 Times Square property. The building was valued at $1.53 billion. For them to acquire the full ownership of the building, they decided to buy out the existing partners. In 2012, the 20 Times Square structure was also sold to a group of investors for an estimated value of $430 million. The 2012 transaction was led by Steve Witkoff.
Fortress Investment Group was acquired by a Japanese firm known as SoftBank at an estimated value of $3.3 billion. The buying firm has been in operation for almost four decades now and was pioneered by Masayoshi Son. Initially, it specialized in the sale of PC software. Years later, it started selling computers and related magazines. SoftBank obtained a majority stake at Yahoo in 1996. Currently, it has invested in more than 400 internet ventures. Over the years, it has diversified its investment portfolios that has improved its financial performance. With the new acquisition, SoftBank became one of the largest firms in the investment sector. There would be no major changes at Fortress Investment Group as SoftBank was not allowed to take over the company’s leadership. This is according to the regulatory framework in place that guides the operations of various market players.
Fortress Investment Group was founded in 1998 by Randy Nardone who serves as its Chief Executive Officer and his business partner, Wes Edens. Most of its operations are in the New York City. It has gained global recognition as one of the most experienced investment management firms in the world. The customer base has grown over the years and now has over 1,750 clients who consist of both private and institutions. According to the deal, the acquired company would still continue to operate as an independent entity. The headquarters of Fortress would also remain in New York. The management was to remain intact.