Patrinely Group, LLC (“Patrinely Group”), a premier national real estate development, management and investment firm, today announced that it has completed a strategic transaction in partnership with Paxion Capital, LP (“Paxion”), a multi-generational private partnership based in Menlo Park, California. Under the terms of the transaction, Paxion will acquire a significant stake in Patrinely Group. Paxion’s co-founders, Jim Davidson and Fritz H. Wolff, as well as Len O’Donnell, President and Chief Executive Officer of USAA Real Estate, are also investing in the transaction.
Patrinely Group’s executive leadership team will remain in place. Patrinely Group will continue to operate under its current name and maintain its headquarters in Houston. Dean Patrinely will serve as Chairman of the firm’s Board of Directors, which will include Robert P. Fields, President and Chief Executive Officer. Mr. Fields and Patrinely Group Chief Operating Officer Donald G. Thomas II will continue to manage the firm’s day-to-day operations and investments.
Patrinely Group will be strengthened by the addition of these world class investment partners with deep experience in all aspects of real estate investment, development and management. As a result, the firm is poised to launch its next stage of dynamic growth through its new alignment with Paxion and its affiliates, including a shared focus on the intersection of real estate and technology.
“I could not be more enthusiastic to join forces with Len, Jim and Fritz,” Mr. Patrinely said. “Over Patrinely Group’s 37-year tenure, we have established a strong foundation for the future with a robust national pipeline. This strategic partnership is a once in a lifetime opportunity for Patrinely Group to take a quantum leap forward – very exciting, indeed.”
“We are thrilled to partner with Dean, Robert and the experienced Patrinely team, whom we have worked alongside for many years” said Mr. Wolff. “Together, we look forward to furthering Patrinely’s proven track record of developing and managing best-in-class facilities across property types over the long-term.”
“Patrinely Group is a perfect partner in our goal to leverage technology to create ‘the next big thing’ across complementary real estate platforms,” said Mr. Davidson. “Our objective was to join forces with a highly regarded, national real estate development firm that has proven to be deft at both execution and ingenuity. Dean, Robert and their team at Patrinely Group will help us accelerate our leadership in this large and rapidly growing market.”
“Our new partners are aligned with our growth strategy and provide access to capital and opportunity on a scale that is transformational for Patrinely Group,” said Mr. Fields. “I am extremely optimistic about our future.”
Mr. O’Donnell is President and Chief Executive Officer of USAA Real Estate and has over 30 years of real estate experience.
Mr. Davidson is a co-founder of Silver Lake, a global leader in technology investing, where he served as managing partner from 1999 until he transitioned leadership to his successors in 2018. He has been recognized as a leader in technology investing for more than 30 years, most recently with a focus on the intersection of real estate and technology.
Mr. Wolff has more than two decades of institutional real estate experience and is Executive Chairman of The Wolff Company, a fully-integrated real estate development business that will continue to operate independently of Patrinely Group.
About Patrinely Group
Patrinely Group is a national real estate investment, development and management firm focused on large scale, Class A mixed-use, office, multifamily, and most recently, data center and industrial properties in major markets. Recognized as a leader in real estate development since 1983, Patrinely Group has completed $10 billion in transactions and is experienced with all real estate asset classes. For more information, visit www.patrinelygroup.com.
Paxion Capital, LP is a multi-generational private partnership founded in 2015 and headquartered in Menlo Park, California. Paxion’s holdings include substantial interests in a number of private businesses, including real estate acquisition and development, property management, and technology-based services.