Snyder, Partner Launch New Firm

Veteran Los Angeles developer Jerome Snyder has teamed with former Maguire Partners executive Drew Planting to buy and redevelop commercial and residential properties in Southern California.

The new venture, Snyder Partners, has raised an initial $50 million and will take advantage of a leveling off of real estate values in recent months, said Planting, who manages the partnership.

“The fervor has been taken out of the marketplace,” he said. “We think over the next 12 months there will be more opportunities.”

Los Angeles-based J.H. Snyder & Co. already has 4 million square feet of projects in various stages of development. Much of that space is new construction, including the recently completed Promenade entertainment center near Westchester and a new phase of the Water Garden office complex in Santa Monica.

The firm wants to expand on its experience in turning around existing structures, including the Wilshire Boulevard office building that serves as its headquarters, Snyder said.

“This will be a whole new addition to the company and a whole new profit center,” Snyder said. “We look at this venture as a strategic way to increase our holdings, leverage our existing platform and create stable long-term value.”

Planting most recently was a partner at Los Angeles-based Maguire Partners in charge of leasing and marketing the firm’s interests at the Playa Vista project near Marina del Rey. He said he left the firm and proposed forming the joint venture with Snyder because he saw “a sensational opportunity” to work on redevelopment projects.

Planting, who had worked with Snyder on leasing deals, said he plans to focus on coastal area properties. He said acquisitions could be turned around through remodeling, finding new tenants or obtaining zoning changes that would boost the property’s value.

The new venture will take advantage of Snyder’s expertise in government entitlements and construction as well as his strong relationships with tenants, Planting said.

“We understand what it takes to renovate a building,” he said. “A lot of people don’t have the expertise.”