Worthe Real Estate Group has hired a chief investment officer to run its first real estate fund.
The Santa Monica-based developer has named Chris Graham to run the firm’s inaugural fund, dubbed Worthe Fund 1, which will buy, reposition or redevelop commercial properties along the West Coast, the Commercial Observer reported.
The intended size of the fund was not disclosed.
Graham brings nearly 30 years of investment and management experience to the firm, having recently served as managing director for Blackstone’s real estate group, where he oversaw West Coast acquisitions. At Worthe, he will have the title of chief investment officer.
His career-long deals add up to more than $50 billion, according to the Observer.
While at Blackstone, Graham played a major role in several joint ventures, including the recapitalization of Blackstone and Hudson Pacific Properties’ Sunset Studios portfolio, according to the Observer.
He also led Blackstone’s majority purchase in 2017 of Worthe’s 3.2 million-square-foot Burbank office portfolio, which Worthe still manages.
Graham had previously served in roles at JPMorgan and Archon Group.
“Attracting an industry leader with the background and expertise Chris brings is a crucial step as we look to launch our inaugural fund and expand our portfolio,” Jeff Worthe, president of Worthe Real Estate, said in a statement.
Despite an office market with record vacancy in the wake of remote work, Worthe is doubling down on quality office investments.
“We have a lot of conviction in high-quality assets in the office sector,” Worthe told the Observer in an email. “Leasing activity has picked up and employers are pushing more of the workforce back to work.
“This (general partner) fund will be investing at a time when many are sitting on the sidelines. That’s the most exciting part.”
Worthe Real Estate Group, founded in 1967, owns more than 8 million square feet of commercial properties across Los Angeles, according to its website. Notable holdings include The Tower and The Pointe I in Burbank and 12711 Ventura Boulevard in Studio City.
— Dana Bartholomew
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