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
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.
LAPIN CONSULTING GROUP
Judi Lapin, 714-434-1300 Ext. 101
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