Watermark Capital Partners, a new real estate private equity investment firm, will focus on value-added investment strategies. Co-founder Michael G. Medzigian, former president and CEO of Lazard Freres Real Estate Investors, is chairman and managing partner. Cordell A. Lietz is founding partner and John R. Muse is a non-executive founding partner; Mr. Leitz was senior vice president at the Taubman Realty Group, and Mr. Muse is a partner at Hicks, Muse, Tate & Furst.
Mr. Medzigian left Lazard at the end of December; his duties are being handled by Mathew Lustig, managing principal with overall responsibility for Lazards real estate activities. A spokeswoman at Taubman said it had not been decided if Mr. Lietz would be replaced.