About The LCP Group
The LCP Group, L.P., previously known as Lepercq Capital Partners, is a private real estate investment banking firm. The firm is headquartered in White Plains, New York and has been acquiring, syndicating and overseeing major real estate properties nationally since 1973. The LCP Group serves as the general partner and/or joint venture partner in the ownership of such properties and has also served as the asset manager.
While LCP has been involved with various property types, the firm has specialized in (a) single-tenant office, industrial and retail properties and (b) hospitality. In addition, the firm has been involved in land development, high-end residential, apartments, senior housing and assisted living, and student housing.
In the 1970s and 1980s, LCP was one of the most active buyers of single-tenant properties, acquiring over $1.2 billion of such properties. In 1993, LCP created, from certain of the properties, Lexington Corporate Properties Trust (NYSE:LXP), a New York Stock Exchange-listed real estate investment trust. On December 31, 2006, Lexington Corporate Properties Trust merged with Newkirk Realty Trust and the continuing company was named Lexington Realty Trust. LCP retains a significant equity position in LXP.
In the mid-1980s, LCP sponsored two public limited partnerships, NET 1 and NET 2, which held single-tenant triple-net-lease properties valued at approximately $150 million. These partnerships were merged into LXP.
LCP's current hotel investments include the Loews Ventana Canyon Resort in Tucson, Arizona, the Marriot Hotel in Livonia, Michigan, and the Hilton Garden Inn at the University of Central Florida. The first hotel is managed by Loews Hotels, while the balance are managed by Crescent Hotels & Resorts LLC ("Crescent").
In 2006, The LCP Group acquired a 25% interest in Crescent. Crescent currently manages over 70 hotels located throughout the United States.
In 2006, The LCP Group, with partners, formed (i) LCP REIT Advisors Co., Ltd., a Japanese asset management company; and (ii) LCP Investment Company, a J-REIT that completed its initial public offering in May 2006 and is listed on the Tokyo Stock Exchange. As a result of a merger completed in February 2010, the name of the J-REIT was changed to Invincible Investment Corp., and the name of the asset management company was changed to Consonant Investment Management. In 2010, LCP sold its interest in the public company and in 2011 the asset management company.