Party City VP takes key role at real estate restructuring company

ExcessSpace, the national real estate disposition and lease restructuring company owned by Newmark, has taken on a new executive managing director.

Former Party City VP Jason Gendel, who has directed and completed more than 4,000 transactions in his career, will work closely with Excess Space president Michael Wiener to help identify strategic partnerships, collaborations, and expansion opportunities, according to a press release.

“Having worked with him in the industry for many years, our team has witnessed firsthand Jason’s keen expertise in real estate strategy and execution,” Wiener said. “We extend our warmest welcome as he deepens ExcessSpace's capabilities of putting our clients’ capital back to work for them.”

Gendel served as VP of enterprise real estate at Party City, where he oversaw 850-plus locations nationwide and managed more than 10 million sq. ft of retail, office, and industrial space annually.

“Providing clients with heightened autonomy over real estate portfolios is critical in the current market,” said Gendel. “I am excited to join ExcessSpace, an industry trailblazer.”

Just last week, Party City exited Chapter 11 after having its restructuring plan approved by the U.S. Bankruptcy Court for the Southern District of Texas. It provides for an exit asset-based loan of $562 million and a fully backstopped $75 million new-money investment that will fund administrative claims and company operations.

The entertainment goods retailer plans to move forward with what it called a more “profitable” Party City store footprint after negotiating improved lease terms and exiting less productive locations during the Chapter 11 process.

ExcessSpace has worked with more than 200 national and regional retailer clients, including some of the nation’s most prominent supermarkets, drug stores, department stores, home furnishings companies, banks, and restaurants.