For more information, contact:
Andrew Neilly
Gallen.Neilly & Associates
PH: 925/930-9848
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Shorenstein Company Acquires Sacramento Office Tower
San Francisco, CA, - January 10, 2003 - Shorenstein Company, one of the leading private investment fund sponsors investing in major office buildings in the United States, today closed on the purchase of U.S. Bank Plaza, a 445,000 square foot Class A office tower and an adjacent parking facility in downtown Sacramento.
The seller, and original developer, of the property was Grosvenor, a worldwide, privately-owned property development and investment group. Terms of the transaction were not disclosed.
The 25-story U.S. Bank Plaza was completed in 1992 and is currently 96 percent leased. Major tenants, in addition to US Bancorp, include Investors Bank and Trust and the California Department of Managed Healthcare.
Commenting on the purchase, Douglas Shorenstein, Chairman and CEO of Shorenstein Company, said: "We pride ourselves on identifying high quality assets in markets with strong potential, underwriting deals to market fundamentals and then working with sellers to execute transactions quickly and efficiently. We were able to accomplish all our objectives with this purchase and we think U.S. Bank Plaza will be a strong addition to our national portfolio."
This purchase was completed with capital from Shorenstein Company's sixth investment fund. This $609M fund has previously made investments in 450 Lexington Avenue in New York City, Two Liberty Place in Philadelphia and 500 West Monroe in Chicago.
Shorenstein Company currently owns and operates over 22 million square feet of prime commercial office space around the United States. In recent years, Shorenstein Company has sponsored and invested through a series of closed-end investment funds. Since 1992, the company has acquired and developed through these funds more than 14.5 million square feet at a gross acquisition/development cost in excess of $2.5 billion.
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About Grosvenor:
Grosvenor (www.grosvenor.com) is a privately owned property development and investment group that has been active in North America for 50 years. With a portfolio of approximately 9.5 million square feet, Grosvenor's properties span 15 metropolitan areas throughout the United States and Canada. The Company is an integral part of Grosvenor Group Holdings Limited, an international property group with operating companies in The Americas, Britain and Ireland, Continental Europe and the Australia, Asia Pacific Region.
About Shorenstein Company:
Shorenstein Company (www.shorenstein.com) is the premier private owner and operator of Class A office buildings in the United States with a portfolio of more than 22 million square feet. The company is engaged in all aspects of office building investment, development, financing, leasing, construction, and management.
Since 1992, Shorenstein has sponsored a series of closed-end investment funds that have invested in Class A office projects located throughout the United States. Investors in these funds have included prominent foundations, endowments, pension funds and high net worth individuals. As the manager of these funds, Shorenstein has delivered exceptional risk-adjusted returns to investors by employing a disciplined value-added strategy.
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