Hennick & Company Acquires Generational Real Estate in Manhattan

TORONTO, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Hennick & Company, Inc. ("Hennick&Co"), a private investment firm founded by the Hennick Family, announced today that it has acquired the Bridge Tower Place Retail located at 401 East 60^th Street, a significant real estate asset in Manhattan, New York for USD $153 million (the "Property").

The Hennick Family is the founding and largest shareholder of two public companies, Colliers International Group Inc. (NASAQ: CIGI) and FirstService Corporation (NASAQ: FSV). Hennick&Co invests in high quality, income producing real estate in irreplaceable locations with the aim of curating a collection of proud-to-own assets around the world.

Situated prominently in Manhattan's affluent Upper East Side and positioned at the base of the Queensboro Bridge, the Property is fully leased on a long-term basis to two investment grade tenants, including The Home Depot and Starbucks. Measuring over 120,000 square feet on four-levels with highly sought after ceiling heights, limited obstructions, abundant loading and underground parking, the Property is one of the largest retail spaces on the island of Manhattan.

This investment follows Hennick&Co's recent acquisition of The Hazelton Hotel, the highest performing five-star luxury boutique hotel in Canada, located in Toronto's coveted Yorkville neighborhood. Over the past few years, Hennick&Co has assembled a number of generational properties, including 1430 Massachusetts Avenue in Boston's landmark Harvard Square, as well as a transit-oriented mixed-use complex known as the York Mills Centre and the Retail at Imperial Plaza, both situated in prime locations in Toronto.

Jory Hennick, Managing Director of Hennick&Co, said, "We are pleased to add the Bridge Tower Place Retail to our growing collection of premiere real estate assets. As a private family investment firm with patient capital, we can act quickly and execute on opportunities when others cannot. We continue to seek out properties that align with our strategy of accumulating unique real estate in irreplaceable locations that we can be proud-to-own forever," he concluded.

For more information, please visit: www.hennick.com.

About Hennick & Company

Hennick & Company ("Hennick&Co") is a private investment firm that invests in high-quality real estate and operating businesses for the long-term. Hennick&Co was established by the Hennick family, which is the founding and largest shareholder in Colliers International Group Inc. (NASDAQ: CIGI) and FirstService Corporation (NASDAQ: FSV). In its real estate investments division, Hennick&Co targets high quality, income producing properties in irreplaceable locations that it can be proud-to-own forever. In its private investments division, Hennick&Co partners with management teams of established businesses to create value over the long-term. To learn more about Hennick&Co, please visit: www.hennick.com.