PRP Adds Investment Vet Tom Wasko in Senior Position – Commercial Observer
Tom Wasko has been named as director of acquisitions and investments for PRP, an investment management company headquartered in Washington, D.C.
Wasko has more than 10 years and $2.5 billion of transaction experience in commercial real estate during his career, according to PRP.
“Since the start of my career I’ve been aware of PRP as a leader in the industry and have been impressed by their ability to seize opportunities,” Wasko told Commercial Observer. “The firm’s investing approach centers on asset-level value creation in addition to broader thematic trends, robust data-driven research and due diligence, and creatively structuring transactions with debt and equity partners.”
In his new role, Wasko will focus on originating, structuring and executing on distressed and value-add investments on the East Coast.
“We see many opportunities to purchase high-quality assets to add to PRP’s portfolio,” Wasko said. “Upcoming debt maturities and a great reset in value will create tremendous buying opportunities for creative problem-solving groups such as PRP. Ultimately, we want to create value for our communities, tenants and investors.”
PRP has also been active in conversions and re-entitlements, including several office-to-residential conversion projects. Among the projects are 2525 M Street NW in the District, and The Sinclaire at 900 Seminary Road in Alexandria, Va., which was transformed into a 212-unit apartment tower.
Wasko will therefore be seeking industrial and retail covered land opportunities in infill markets.
“We are very well capitalized to purchase value-add and core-plus industrial and multifamily assets and enhance those properties using the wealth of experience we have gained from PRP’s historical net lease and multifamily investments,” Wasko said.
Wasko spent the past five years at Innovatus Capital Partners, an asset management firm in New York. Before that, he was a capital markets professional at JLL where he executed more than $1.6 billion in investment sale, equity placement and financing transactions for a range of product types, including office, multifamily, retail and mixed-use developments.
Keith Loria can be reached at email@example.com.