The US real estate development arm of Louis Dreyfus Global is spinning out as its own independent firm. Effective Wednesday, Louis Dreyfus Property Group (LDPG) will be a separate company from its Paris-based global parent. The newly-independent real estate developer and portfolio owner will now do business under the name Property Group Partners.
Despite those changes, the firm’s executive management team will remain the same, with Jeffrey Sussman continuing to serve as president. The rest of the team will remain as follows: Rolland Baribeau will continue to serve as chief operating officer, David Shepherd as chief financial officer, Robert Braunohler as regional vice president and Jesse Faneuil as vice president of acquisitions. Property Group Partners will continue to be based out of New York with additional offices in Washington DC and Wilton, Connecticut.
“Even though we have a new name, business is the same today [as it was yesterday],” said Sussman in a statement. “While we have been working toward this for several years, we’ve never deviated from our way of doing business in moving the firm forward. Property Group Partners is well into an exciting new growth phase that will leverage our shared legacy of success as owners, developers and managers of world-class office buildings.”
Since its formation in 1971, LDPG has acquired, developed and managed office assets in the US, Canada and Europe. Acquiring and developing more than 10 million square feet of real estate over its 40-year life, the firm’s portfolio consists primarily of Class A office assets in New York and Washington DC.
In the DC market, the firm has developed several office buildings, including the 1.6 million-square-foot Station Place office complex at Union Station and 801 17th Street, which is located adjacent to Lafayette Park across from the White House. Property Group Partners currently is a principal investor and developer of a new 2.2 million-square-foot office project located between Massachusetts Avenue and E Street over the I-395.
“Aside from the pursuit of projects in New York and Washington, we also are engaged with partners in two office projects in London,” Sussman added. The firm did not provide details on those projects at press time.