Deal follows retired boxer’s purchase of $402M rental portfolio
Just one month after Floyd Mayweather Jr. inked a record multifamily deal, the retired boxer is taking a big swing on a comeback by the office sector.
Mayweather invested in office landlord 601W Companies’ largest portfolio, a $10 billion collection of 18 buildings spanning 10 million square feet, according to a Mayweather spokesperson and Mark Karasick, a managing member of 601W.
Neither source would put a dollar figure to the deal, citing a confidentiality agreement. But a source said it is the former world champion’s “most significant” investment to date.
Mayweather previously invested over $100 million with office landlord SL Green, the source said. He has earned $1.1 billion in and out of the ring, including about $300 million from a single fight in 2015.
In October, the athlete-turned investor went into contract on a $402 million apartment portfolio owned by Black Spruce Management. The deal, which spans over 60 rental buildings, could end up being the city’s biggest this year.
Through the 601W investment, Mayweather will be an owner-partner in properties including Amazon-anchored 410 10th Avenue in Hudson Yards; the Aon Center and Old Post Office Building in Chicago; and Jersey City’s Harborside office complex — Mayweather’s favorite, according to the spokesperson.
Mayweather is betting on a post-pandemic office comeback and sees “tremendous upside” in the 601W portfolio given the landlord’s track record, the spokesperson said.
The firm, a trophy office owner with a redevelopment bent, made the bold move to expand its office footprint during Covid.
In late 2020 it paid $952 million for 410 10th Avenue, a century-old office building that seller SL Green had slated for redevelopment. The property boasted Amazon as an anchor tenant and, at the time, First Republic Bank as its second-largest with about one-third of the building.
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