In a sign that the commercial real estate investment market is beginning to thaw, Rubenstein Partners, a private equity firm providing leading real estate investment management and advisory services in office markets throughout the Eastern United States closed four separate transactions in the fourth quarter of 2010.
The four transactions, located in Charlotte, North Caolina, Whippany, New Jersey, Alexandria, Virginia and Cleveland, Ohio were the first new investments in nearly four years for the Rubenstein Properties Fund. They represent an initial equity investment of approximately USD70,000,000, with anticipated follow-on equity investments in these deals of USD30,000,000.
Each investment, while unique and distinct, is consistent with the Fund’s focus on value-added office investments. Following the execution of these four year-end deals, the Fund is approximately 70% committed and has approximately USD150,000,000 of equity available for future investments.
"We have worked very hard sourcing, underwriting and negotiating potential transactions for the better part of the last four years, but have refrained from buying," says David Rubenstein, senior managing principal of Rubenstein Partners. "As the result of the firm’s discipline, the Fund is well positioned to take advantage of opportunities that we believe will be coming to the market in 2011 and beyond."
