BridgeStreet Worldwide Expands into Property Management in New York City
Arlington, VA (Vocus) May 10, 2007 -- BridgeStreet Worldwide, one of the world's largest corporate housing providers, announced today that it will exclusively manage a luxury high rise property being developed by parent company Sorrento Structuring -- a Dublin-based, privately held investment group. The building site, consisting of 110 residential apartments over 35 floors is located on 34th street in the established Murray Hill area of Manhattan, one block from the Empire State Building and just off Madison Avenue.
With the addition of the Sorrento property, named the S34 to its portfolio, BridgeStreet Worldwide continues to offer more options to guests seeking the perfect place to stay while on extended visit to New York City. The S34, BridgeStreet's first "easy to stay with" building, offers a fresh approach to business travel accommodations by combining the privacy and comfort of a luxury residential building with the impeccable services and amenities you would expect to find at a fine hotel. The full roster of premium amenities and services include Wi-Fi throughout the building, concierge and doorman-attended lobby, state-of-the-art fitness center, rooftop terrace and spaciously designed residences.
BridgeStreet Worldwide president and CEO, Lee Curtis, is enthusiastic about the natural synergy that exists between BridgeStreet Worldwide's property management expertise and Sorrento's real estate investment acumen. "BridgeStreet Worldwide and Sorrento are committed to furthering our excellence in service to clients by proactively seeking real estate and management opportunities in key world markets," said Curtis.
Sorrento purchased BridgeStreet Worldwide in January of this year as a catalyst for growth. "This acquisition is yet another strategic and financial milestone for BridgeStreet and Sorrento. The combination of our global real estate activity and BridgeStreet's operational expertise has opened the door for opportunities such as this," said Bryan Turley, Sorrento's chief executive officer. "Our objective remains to identify and invest in established robust property markets and we are confident that New York remains one of the most attractive cities globally for this purpose."
BridgeStreet Worldwide is a leading international provider of corporate housing. BridgeStreet and its network of Global Partners offer over 10,000 corporate apartments located throughout the United States and 50 cities internationally. An award winner both in the U.S. and Europe, BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company or to learn more about how BridgeStreet is Making Corporate Housing Easy, visit www.bridgestreet.com or call 1-800-BSTREET.
Based in Dublin, Ireland, Sorrento Structuring is a leading provider of wealth management products and services, focused primarily on return on equity transactions. Formed in 2004, Sorrento's strength comes from its ability to structure high quality, off-market residential and commercial property transactions with guaranteed yields and full management, giving investors turn-key investment solutions. The company's investment products and services include a significant property portfolio in the U.K., Ireland, Europe and the U.S., structured products and private finance transactions, equity investments and pre-and post-retirement funds.
Contact:
Jennifer Brand
202.232.6579
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