Tourmaline Capital Partners (TCP)

They’ve placed nearly a billion in equity over the last 12 months and have closed somewhere between 8-10 deals all while doing so with team of maybe 6 guys. So yes I’d imagine they’re operating as a bit of a sweat shop at the moment given they’ve only been around for 18 months or so. I’m guessing Huffman is traveling atleast 2-3 days a week looking at deals and has been all year.

Monarch Alternative Capital is their money and they essentially target large office deals where they can place 100M equity checks. Generally they’re fairly market agnostic but are looking for macro plays in assets that are strategically located to be the best performing within their sub/market over the long term. They tend to prefer a lease-up play in a growth market versus a big value-add redevelopment but they just closed on Esplanade in Scottsdale, which my guess is they’ll throw $30M or so at that one.

While office may not be sexy right now, these guys are operating in a different bucket than 99% of other office investors in the market in that they can write checks that most can’t, and the few that can won’t or can’t right now given the stigma surrounding office right now. Upside here is you’ll get to work on the best and biggest buildings across the country and gain really good experience. Downside is you’ll most likely be working tough hours and dealing with the growing pains of a new operator who’s just placed all this Capital and now has to find a way to actually execute their business plan.