Perella Weinberg Partners has launched a commercial real estate joint venture, at a time when US securitisation volumes in the sector are expected to top $65bn this year compared with just $10bn two years ago.

The advisory and asset management firm said in a statement that its asset-based value strategy, which manages more than $2bn across its funds, and Madison Marquette, a commercial real estate investment and operating company, have acquired The Center Building, a 450,000-square foot mixed-use property in Long Island City, New York, through a new joint venture.