History & Milestones

Our longstanding track record speaks to our competency in the wide range of services we offer. And the way we’ve changed over time is solid evidence of our ability to evolve our business to keep pace with the market. For decades, we have been executing every project with precision and agility, and leading our industry with critical thinking and creative solutions.

2016

SteelWave acquires and commences its first two multifamily development projects in Southern California and Denver.

2015

Legacy Partners Commercial (“LPC”) changes its name to SteelWave.

2014

LPC enters in to a strategic partnership with NorthStar Realty Finance Corporation, a publicly traded, diversified commercial real estate investment and asset management company with $21 billion of assets under management.

2013

LPC, in separate joint ventures with Walton Street, AllianceBernstein, Goldman Sachs, Stockbridge, Principal Financial Group and NorthStar Realty Finance Corporation, acquires for repositioning $700M of assets in its core markets.

2012

LPC actively enters the Houston and Austin markets in Texas.

2009

LPC surpasses $9 billion of total acquisitions & developments since inception.

2007

LPC surpasses $8 billion of total acquisitions & developments since inception.

2005

LPC establishes its first discretionary fund, with subscriptions of over $330 million.

Legacy surpasses $5 billion of total acquisitions & developments since inception.

2003

Legacy restructures ownership from a conglomerate of over 200 distinct partnerships to a single ownership structure encompassing all operating companies and real estate investments.

2001

LPC surpasses $4 billion of total acquisitions & developments since inception.

2000

Barry DiRaimondo appointed president of Legacy Partners Commercial.

1998

The western regional partners buy out Lincoln’s interest in its western operations and investments and begin operating as Legacy Partners. The senior management team, investors and asset base remain unchanged.

1998

The Commercial Group surpasses $3 billion of total acquisitions & developments since inception.

1996

The Commercial Group surpasses $2 billion of total acquisitions & developments since inception.

1986

The Commercial Group surpasses $1 billion of total acquisitions & developments since inception.

1972

A western region Commercial Group is formed, with Ed Thrift, Jr. as president.

1968

Lincoln Property Company, a Texas-based real estate developer, establishes a western regional office in the San Francisco Bay Area.

SteelWave’s predecessor company operated as Legacy Partners Commercial Inc. from 1998 to 2015. During that time, the SteelWave team acquired and developed 147 real estate assets, comprising over 30 million square feet of office, life science and industrial product, at a cost of $8B. In September 2014, the Legacy Senior Management Team reworked the company capital and ownership structure through a capital investment from Northstar Realty Finance Corporation. Today, NRF owns a minority common ownership interest in the SteelWave platform. Legacy changed its name to SteelWave in April, 2015. While the name of the firm changed, its asset base, principals and key professionals, as well as its management, operation, processes, procedures and disciplines, remain the same.

Prior to becoming Legacy Partners, the predecessor company was the West Coast office of Dallas-based Lincoln Property Company (Lincoln West). From 1968 to 1998, Lincoln West was responsible for all of Lincoln Property Company’s operations in the western United States. In October 1998, Preston Butcher and several other senior managers of Lincoln West bought out Lincoln Property Company’s interest in its western operations and began operating as a separate organization under the Legacy Partners name.

SteelWave’s investments have historically been financed via one of its three discretionary commingled Investment Funds or via joint ventures with well-known, well-capitalized financial institutions, life insurance companies and real estate opportunity funds. These have included ventures with NorthStar Realty Finance, Principal Global Investors, Goldman Sachs, AllianceBernstein, Oaktree Capital Management, PCCP, USAA Real Estate Company, Rockpoint Group, Stockbridge Real Estate Funds, Walton Street Capital Partners, Brookfield, Prudential Investment Management, AIG Global Real Estate, Met Life, ING, DLJ Real Estate Capital Partners,  Aetna,  Lionstone Investments, and US Bank.

I’ve been doing business with SteelWave for 20 years and over several cycles. They are one of the elite operating partners on the west coast.

Brahm Cramer, Co-Head of Real Estate/Co-CIO AllianceBernstein

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