Sell Significant Portion of Its Portfolio LOS ANGELES--(BUSINESS WIRE)--Jan. 28, 2005 CommonWealth Partners (CWP), a real estate investment, development and management organization, today announced that it has entered into an agreement with Maguire Properties to sell a significant portion of its "Fifth Street Properties" (FSP) portfolio of office properties. FSP is owned through a partnership between CWP and Rockefeller Group International, Inc. (RGI) and the California Public Employees Retirement System (CalPERS). The purchase price will be over $1.5 billion for 10 office properties comprising nearly 5.0 million square feet and four development sites entitled for over 1.5 million square feet of office space. CWP initiated the transaction at what it perceives to be an opportune time to realize returns and accomplish the investment objectives of its partners. CWP will continue to be responsible for property management and leasing for the assets sold to Maguire as well as for its remaining asset and development sites that it continues to hold in FSP. CWP will also continue to be actively engaged in its real estate investment and development activities through its discretionary relationship (Fifth Street Properties) with CalPERS and RGI, as well as other institutional capital relationships. CWP currently has approximately $1 billion of additional discretionary capital available for investment for 2005. "We went forward with the transaction in order to garner attractive returns for our partners," stated Michael Croft, Co-Managing Partner and CEO for CWP. "We are very excited about the additional capital allocated to the Fifth Street Properties by CalPERS which provides us tremendous capital resources to continue to execute our cycle durable investment program." In addition, as of 2005, CWP has the discretion to pursue investment opportunities with its FSP Fund throughout the United States, having recently expanded its geographic territory. This new national focus will allow CWP more investment opportunities in select markets that will benefit from its cross risk spectrum investment strategy. CWP plans on continuing to focus on large-scale office and mixed-use core, core+, value-add and development opportunities throughout the United States. CommonWealth Partners, LLC is a vertically integrated, privately owned, real estate investment, development and management organization. CWP offers a wide array of services including investment & capital market transactions, portfolio management, asset management, property management, marketing, leasing, development, and accounting/reporting, all with a sharp focus on its customers. For more information on CommonWealth Partners, visit the Company's website at www.commonwealth-partners.com. CONTACT: LAPIN CONSULTING GROUP Judi Lapin, 714-434-1300 Ext. 101 firstname.lastname@example.org
Commonwealth Partners Announces Deal with Maguire Properties to
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