The Rockefeller Group Raises $250 Million Property Fund
- First U.S.-focused fund for Rockefeller Group Investment Management targets
premier assets in gateway markets -
NEW YORK, July 17, 2013
NEW YORK, July 17, 2013 /PRNewswire/ --The Rockefeller Group, the global
property owner, developer and investment manager, today announced it has
completed fundraising for Rockefeller Group U.S. Premier Office Fund LP. The
fund raised $250 million, contributed largely by nine third-party investors –
including Japanese and European pension plans – alongside co-investment
capital from The Rockefeller Group and its senior executives.
Approximately 60 percent of the fund's equity has been invested prior to
closing. Through joint-venture acquisitions, to date the fund has acquired
approximately 1.3 million square feet of Class A office space in Washington,
D.C. and San Francisco, aggregating approximately $700 million in gross asset
value. The fund continues to target premier office properties in the gateway
markets of Boston, Los Angeles, New York, San Francisco and Washington, D.C.
The fund is the first U.S.-focused real estate fund raised by Rockefeller
Group Investment Management Corp., The Rockefeller Group's investment
management subsidiary and the fund's manager. The company has provided access
to European property funds since 2010, following its strategic investment in
Europa Capital, a London-based real estate fund manager that has raised six
closed-ended funds and invested across 17 countries.
"Our investors share our confidence in the stability and value of high
quality, well-located office assets in core U.S. markets," said Dennis R.
Irvin, President and Chief Executive Officer of Rockefeller Group Investment
Management Corp. "In addition to the fund's existing portfolio, we see good
opportunities today in our target markets to leverage our extensive operating
expertise to provide investors favorable returns and capital appreciation."
About The Rockefeller Group
The Rockefeller Group is a leading global real estate owner, developer and
investment manager. For more than eight decades the company has engaged in
some of America's most significant and recognizable real estate endeavors,
beginning with the development of one of the world's finest urban mixed-use
complexes, Rockefeller Center in Midtown Manhattan. Since inception, The
Rockefeller Group has developed approximately 40 million square feet of
commercial property, including more than 5 million square feet since 2008.
Today, the company owns, manages and invests in a diversified portfolio of
office and industrial assets in key U.S. urban and select suburban markets, as
well as in Europe through the firm's October 2010 strategic investment in the
London-based real estate fund manager Europa Capital. The Rockefeller Group
is wholly owned by Mitsubishi Estate Co., Ltd., a world leader in real estate
development, ownership and investment management. More information is
available at www.rgim.com.
SOURCE The Rockefeller Group
Contact: Dwayne Doherty, 212-282-2130, firstname.lastname@example.org
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