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Jonathan Garrity

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At a glance

Full Name
Jonathan P. Garrity
Title
President & CEO
Firm
Cambridge Hanover
Firm Type
Privately held real estate investment firm / private property fund
Investment Stage
Stabilized, core-plus, value-add, REO/foreclosure, distressed asset/debt rework, buy-to-suit, build-to-suit, and opportunistic commercial real estate acquisitions
Check Size
$10 million to $40 million transaction size
Target Company Profile
Office, medical office, industrial, flex, mixed-use, warehouse/distribution, light assembly, lab, data center, and corporate-surplus properties with value-add potential
Sector Focus
Commercial real estate; office, medical office, industrial, flex, mixed-use, warehouse/distribution, light assembly, lab, and data center properties
Geographic Focus
United States, with acquisition preference for East Coast major markets
Location
New Canaan, Connecticut

Background

Jonathan P. Garrity is the founder, President, and CEO of Cambridge Hanover, a privately held real estate investment firm founded in 1989. Cambridge Hanover acquires office buildings, bulk distribution warehouses, and light assembly buildings, then renovates, re-tenants, restructures leases, and manages the properties to improve occupancy and value.

Garrity has more than 40 years of experience in the acquisition, leasing, financing, redevelopment, and management of commercial real estate properties. Cambridge Hanover says he has overseen the planning and development of more than 7 million square feet of industrial and office properties and has acquired and/or redeveloped commercial real estate projects across Arizona, Connecticut, Florida, Georgia, Maryland, Massachusetts, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia.

Before founding Cambridge Hanover, Garrity was Vice President and Regional Manager at Cabot, Cabot & Forbes, a national real estate development company headquartered in Boston, where he led the firm’s Metropolitan New York region. He received a Bachelor of Arts degree from Harvard College.

Investment Thesis & Focus

  • Cambridge Hanover describes its model as “private fund – specific product – national reach,” combining institutional investor resources with development operating expertise.
  • The firm seeks stabilized, core-plus, and value-add opportunities throughout the United States, especially properties where complexity creates opportunity.
  • Target situations include REO properties, lease terminations, tenant credit issues, repositioning/redevelopment needs, corporate surplus, partially leased buildings with leasing risk, fully leased buildings with upside on rollover, and acquisitions with a tenant in hand.
  • The firm’s stated objective is to provide cash distributions with potential capital appreciation, plus modest tax shelter, inflation-hedge, and estate-planning advantages for investors.
  • Cambridge Hanover looks for properties with “quality real estate” where hands-on management, cosmetic improvements, lease restructuring, and aggressive leasing can add value.
  • The firm emphasizes quick underwriting/response and all-cash closings for acquisition opportunities.

Notable Investments

  • 700 South Washington Street, Alexandria, VA - Cambridge Hanover acquired this 62,544-square-foot retail and office property in October 2019; tenants include Balducci’s/Albertsons-Acme Markets, John Marshall Bank, Virginia Hospital Center, and Safran.
  • Oakcliff Industrial Park, Atlanta, GA - A 124,000-square-foot REO warehouse/distribution property acquired in 2013 at 55% of the prior owner’s purchase price and sold in 2015 after rebranding, cosmetic improvements, and lease work.
  • 2100 Directors Row, Orlando, FL - A 213,000-square-foot property acquired from Eckerd Drugs, renovated, leased to a predecessor of AmerisourceBergen Services Corporation, and sold by Cambridge Hanover in 2017.
  • 17 Forge Parkway, Franklin, MA - A build-to-suit project for Keebler; Cambridge Hanover assumed an existing lease, built an 84,000-square-foot distribution facility, and later sold the building in 1993 to a publicly traded REIT.
  • Station Place, Darien, CT - A 19,000-square-foot property acquired during foreclosure, restructured through debt negotiations, renovated, and repositioned from a TD Bank-leased building into a multi-tenant retail and office property.
  • Eastwick Business Center, Philadelphia, PA - A 247,447-square-foot light assembly building sold by Cambridge Hanover in July 2018 to the University of Pennsylvania Medical School.
  • One Parrott Drive, Shelton, CT - A 101,000-square-foot lab/office building sold in January 2022 to a Connecticut-based real estate developer.

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