The Fortress Investment Group’s agreement to purchase a Brentwood high-rise developed by Fred Sands for $58 million fell through. This deal to purchase the 103,000-sq-ft property located at 11611 San Vicente Boulevard contracted by Randal Nardone and the late Fred Sands fell through during renegotiations in which the Fortress Investment Group attempted to negotiate for a better deal. It is also presumed that the fact that the property was ground-leased through 2091 contributed to the deal falling through. Ground-leases have often been a barrier deterring prospective buyers from purchasing a given property. In spite of the fact that this deal fell through, the Fortress Investment Group has been an active investor in Los Angeles properties. Recently, it partnered up with Ocean West Capital Partners to acquire a Burbank office for $40.3 million. The Fortress Investment Group was itself acquired by SoftBank Group last December. The Fortress Investment Group is a global alternative asset manager and a publicly traded company that trades its shares in the NYSE under the stock ticker symbol FIG.
Randal Nardone is a Principal at the Fortress Investment Group (since 1998) as well as its Chief Executive Officer (since 2013). Prior to being CEO, he served as the Fortress Investment Group’s interim Chief Executive Officer from December 21, 2011 to August 01, 2013. Randal Nardone co-founded the Fortress Investment Group in 1998. He co-founded Fortress Investment Fund IV and V and serves as the funds Chief Executive Officer, Principal, and Chief Operating Officer. Randal Nardone also co-founded Fortress Registered Investment Trust and serves as Chief Executive Officer and Principal as well as Chief Operating Officer, Vice President, and Secretary. He holds a B.A. degree in English and Biology from the University of Connecticut and a J.D. degree from the Boston University School of Law. Randal Nardone is currently not on Forbes Billionaire List, but he was on it in 2007 at #557 when the Fortress Investment Group when public with its Initial Public Offering and his 53 million shares were worth $1.6 billion.
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