The Sorgente Group operates with three holding companies, Sorgente Group of America Corp (New York - Veronica Mainetti), Sorgente Group International Holding Ltd (London - Paola Mainetti), Sorgente Group Spa (Rome - Valter Mainetti), in the field of real estate investments and finance. The operative real estate companies, financial and real estate services companies are 60 and are located in Italy, France, Switzerland, the United Kingdom, Luxembourg, USA, United Arab Emirates and Brazil.
The total real estate assets owned by the funds and the underlying companies, together with the managed assets amounts to over $ 6 billion (as of December 31, 2014).
History
The Sorgente Group, specialized in investment and real estate financing sectors, has origins dating back to 1919 in the USA and 1910 in Italy.
In the USA, through a series of companies which are still part of the Group today, it began to develop its entrepreneurial activities, distinguishing itself in the New York real estate market through a company specialized in multi-storey steel structures and by participating in the construction of several buildings, including the expansion of the N.Y. Stock Exchange building in 1923 (Trowbridge and Livingstone project) and the construction of Van Alen's Chrysler Building in 1928.
Initially, the main production sectors addressed in Italy involved precision mechanics and construction components intended for Italy's post-war development with tenders for big technological plants on behalf of public and private contractors among which the Synchrotron of Frascati, the Alfa Romeo in Arese, and the Steel Mills at Terni. In the 1970s, various real estate and construction initiatives were developed in Italy and abroad. At the end of the 1990s the Sorgente Group was reorganized with its activities being directed towards the real estate financing sector, with the aim of carrying out investments and establishing real estate funds. Sorgente SGR was thus established.
Since 2001, the Sorgente Group has launched 32 real estate funds.
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Significant real estate operations
In 2005 Michelangelo Real Estate Corporation, which is owned by Sorgente Group of America, acquired a majority share of the Chrysler Building in New York. The participation in the real estate property was sold in 2008.
In 2006, Michelangelo Real Estate Corporation acquired 17% of the Flatiron Building. Subsequently, during 2009, it acquired the majority shareholding of the skyscraper.
In 2009, the Donatello Fund, Sub-fund David, of the sister company Sorgente Group Spa, acquired the Galleria Colonna of Rome, renamed Galleria Alberto Sordi.
In June 2012, one of the real estate funds of Sorgente Group acquired a building in the centre of London, the Queensberry House, belonging to the Pension Fund of the Insurance Company Aviva; the real estate property overlooks both Burlington Street as well as Savile Row.
Again in June 2012 Sorgente Group of America acquired the Fine Arts Building of Los Angeles in the United States. The real estate property, also known as the "Global Marine House", was built in 1926 and occupies a 120,000 square foot surface covering 12 floors and is located at 811 on the West 7th Street. In April 2013 the Group acquired the Clock Tower Building in Santa Monica, a 1929 building realized in Art Déco style, characterized by its four quadrant clock visible on each side of the tower even from great distances.
Sorgente Group of America supports the non-profit organization Sorgente Group Foundation founded in June 2008, headquartered in New York. The aim of Sorgente Group Foundation, which operates mainly in the USA, is to support charitable projects. In 2011 the Foundation allocated 1 million dollars to humanitarian and social projects. The Italian sister company, Sorgente Group Spa, supports Fondazione Sorgente Group - Istituzione per l'Arte e la Cultura, founded in 2007 as a non-profit organization with its head office located in Rome. It has the objective of promoting study, contributing to restoration, improving conservation efforts, and above all encouraging the appreciation, both at a national and international level, of all cultural and artistic expressions pertinent to our cultural heritage.
Numerical figures
- Total real estate assets owned, managed and other assets: over 6 billion dollars
- Total surface area of owned and managed real estate assets: 35,040,000 square feet
- Total number of employees and professionals: 729
Board of directors of Sorgente Group of America
- Veronica Mainetti, President
- Mario Gazzola, Vice President
- Marek Jednorowski, Accounting Manager
Companies
Investment management companies
- Luigi Binda 1919 LLC (USA)
- Sorgente SGR Spa (Italy)
- Main Source SA (Luxembourg)
Services companies
- Sorgente Asset Management LLC (New York-USA)
- Sorgente REM Spa (Rome-Italy)
- Musa Comunicazione Srl (Rome-Italy)
- Sorgente UK Ltd (London)
USA property companies
- Michelangelo Real Estate Corporation (New York)
- Michelangelo Flatiron Building Investment LLC (New York)
- Michelangelo GIIK Flatiron Building LLC (New York)
- L.A. Fine Arts Buildings LLC ( Los Angeles)
- Tribeca White Street LLC (New York)
- Soho Greene Street LLC (New York)
- Sherry Park LLC (New York)
- SaMo Clock Tower LLC (New York)
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