DHS Pays Goldman Sachs / Dalfen Industrial $129.3M for Roxbury, NJ Warehouse — 137% Markup Over Value; GSA Administrator Forst Holds $1.8M–$6.1M+ in Ongoing Goldman Exposure

In mid- to late-February 2026, a Delaware entity called DG Roxbury Property Owner LP — a joint venture of Goldman Sachs Asset Management and Dalfen Industrial — sold a 470,000-square-foot vacant industrial warehouse in Roxbury, New Jersey to the U.S. Department of Homeland Security for $129.3 million. The sale represented a ~137% markup over the property’s prior valuation. The property was the fourth-largest WEXMAC-TITUS transaction in the eleven-warehouse initial buildout.

Transaction Details

• Property: 470,000 sqft vacant industrial warehouse, Roxbury, NJ
• Seller: DG Roxbury Property Owner LP (Goldman Sachs Asset Management + Dalfen Industrial JV)
• Purchase price: $129.3 million
• Markup: ~137% over value
• Procurement vehicle: WEXMAC-TITUS

The Forst Alumni Conflict

Edward Forst, the GSA Administrator sworn in December 24, 2025 (see forst-edward), was a Goldman Sachs partner (1998) and Management Committee member who served as:

• Chief Administrative Officer (2004)
• Co-head of Goldman Sachs Asset Management (2007, managing $1 trillion+) — the exact division whose subsidiary sold Roxbury
• Removed from Goldman in December 2010

Per his ProPublica disclosure, Forst retains approximately $1.8M–$6.1M+ in ongoing Goldman exposure:

• Goldman Sachs Group Inc (GS) common stock: $65K–$150K across two managed accounts
• West Street Capital Partners VII, LP: $250K–$500K (two tranches, Goldman’s flagship PE fund)
• GS Vintage Fund VII, LP: $1M–$5M (per detention-industrial KB’s verified Forst entry)
• GS Capital Partners VI PMD QP Fund, LP: $250K–$500K
• Healthcare coverage ongoing since December 2011 for Forst and spouse

The Roxbury transaction closed under Forst’s GSA tenure while Goldman Sachs Asset Management — the division he formerly co-led — was the selling party. The procurement routed through WEXMAC-TITUS (Navy) rather than GSA (his agency’s normal authority), meaning Forst’s agency was bypassed on a transaction in which his alumni firm was the seller and his direct financial exposure was material.

The Dalfen Industrial Partner

Dalfen Industrial is a Dallas-based industrial real-estate investment firm founded by Sean Dalfen that focuses specifically on last-mile urban infill industrial properties. The Roxbury JV with Goldman Sachs Asset Management appears to follow Dalfen’s standard institutional co-investment structure. Dalfen Industrial also holds other industrial properties that have been named in Bisnow’s broader coverage of the $38B ICE warehouse-buying wave — a pattern that warrants its own organization-level KB entry.

The Additional Gould Conflict

Jonathan Gould (Comptroller of the Currency) holds:

• Blue Owl RE NLP Fund P LP (primary Blue Owl exposure)
• Former Goldman Sachs compensation

As OCC, Gould regulates national banks including Goldman Sachs Bank USA — one of the banking subsidiaries through which Goldman Sachs Asset Management operates. Gould thus sits in a regulator-regulated relationship with the selling institution on Roxbury, while his own portfolio holds a Blue Owl fund that executed the parallel Tremont transaction (2026-01-29–dhs-purchases-blue-owl-tremont-warehouse).

The Williamsport Financing Parallel

Goldman’s Roxbury role is one half of a double-exposure pattern. The other half is Williamsport, MD, where DHS paid Fundrise / RREEF $102.4M for an 830,000-square-foot warehouse that Goldman Sachs had refinanced with a $352.7M loan portfolio (per detention-industrial KB at goldman-352m-loan-portfolio and goldman-sachs-detention). Goldman was the lender on Williamsport and the direct seller on Roxbury.

Combined Goldman direct-seller and lender exposure across just these two transactions: $481.7 million. The total administration-official count with Goldman compensation / stock / bond / PE exposure in the ProPublica database exceeds 206 results (per the comprehensive conflict map).

Significance

The Roxbury transaction is the case study for the alumni-firm procurement capture pattern. A GSA Administrator retains material financial exposure to a major investment bank that previously employed him — and whose asset-management division he formerly co-led. The procurement architecture through which the bank sells to the federal government routes around the administrator’s agency (via WEXMAC-TITUS). The result is a formal separation between agency responsibility and agency-administrator conflict — while the financial benefit to the administrator’s retained Goldman PE positions flows through regardless.

This is the cleanest single-transaction illustration of the Forst-specific conflict structure documented in his cascade-research actor profile (forst-edward).

Research Gaps

• Specific deed date — sources indicate late February 2026 but the exact date is not yet pinned down
• DG Roxbury Property Owner LP’s complete ownership structure and the Goldman Sachs Asset Management fund vehicle
• Dalfen Industrial’s full U.S. industrial portfolio and its overlap with Carlyle, Blue Owl, or Rockefeller-adjacent properties
• Whether Forst filed any specific recusal on Goldman-related WEXMAC-TITUS matters
• The acquisition date and purchase price of the Roxbury property by the Goldman/Dalfen JV (needed to compute the markup multiple)
• The operating-contract status for Roxbury — who will run the detention facility?

Related Entries

• forst-edward — GSA Administrator Goldman-alumni conflict
• goldman-sachs-detention (detention-industrial KB organization profile — $352M Williamsport loan + Roxbury seller role)
• goldman-352m-loan-portfolio (detention-industrial KB analysis)
• comprehensive-conflict-of-interest-map (detention-industrial KB)
• 2026-01-29–dhs-purchases-blue-owl-tremont-warehouse — parallel transaction
• 2026-03-29–warren-raskin-letter-52-lawmakers-detention-contractors
• warehouse-fungibility-and-the-detention-hedge