Office REIT Joss Realty Launches IPO
Joss Realty REIT, a New York-based investor and owner of value-add office buildings, launched its initial public offering with 3 million shares of common stock expected to be priced between $4 and $6.
The real estate investment trust, founded as Joss Realty Partners by CEO Larry Botel in 2005, filed for an IPO in September stating it would capitalize on opportunities that emerged as office property values fell.
Joss Realty has interests in three office buildings in Boston, Philadelphia and the Bay Area. The 308K SF portfolio ranges from 47% to 92% leased, with an average of 72%, according to the filing with the Securities and Exchange Commission.
It owns a 27% interest in the California property and 100% interest in the other two. The buildings have 33 total tenants, with a weighted average remaining lease term of 4.7 years.
Botel has acquired 26 real estate assets totaling more than 3.4M SF with a value of more than $1.2B since Joss Realty’s 2005 inception, according to the REIT’s website.
Larry McCulley serves as the chief operating officer of Joss. In 1999, McCulley founded BMS Realty Services, a Washington, D.C.-based property management company that Avison Young acquired in 2020.
Joss plans to seek additional opportunities in the markets where it already owns properties, as well as in other major metropolitan areas such as D.C., Los Angeles, South Florida and New York, per the filing.
The company was organized as a Maryland corporation in April 2025 and plans to qualify as a REIT for federal tax purposes this year. It will be listed on the New York Stock Exchange under the ticker “JOSS,” subject to official notice of issuance.
