For more information, contact:
Andrew Neilly
Gallen.Neilly & Associates
PH: 925/930-9848
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Purchases Key Downtown
Philadelphia Office Building
San Francisco, CA - June 18, 2002 - Two Liberty Place Holdings L.P., an affiliate of Shorenstein Company LLC has acquired Two Liberty Place, a Class A office building in Philadelphia, Pennsylvania.
In a complex transaction, Shorenstein acquired the land from LP Associates and the leasehold interest from 1650 Market Associates. TIAA, part of the TIAA-CREF financial services organization, remains the first mortgage lender. Terms of the transaction were not disclosed.
Two Liberty Place was built in 1989 and is one of the most prominent corporate addresses in Philadelphia's downtown market. The 58-story building sits within the Liberty Place development, which includes One Liberty Place, a 61-story office building; the Westin Hotel; 145,000 s.f. of prime retail space and a four level subterranean garage with spaces for 750 vehicles. Two Liberty Place is currently fully leased to Insurance Company of North America.
"This is a top quality asset in a key strategic market which fits our overall investment philosophy of acquiring assets to which we can add value through our extensive in-house real estate capital and management expertise thereby driving strong returns for our investment funds and our partners," said Douglas Shorenstein, Chairman and CEO of Shorenstein Company. "We are gratified to have the opportunity to bring Shorenstein Company's expertise to bear on Two Liberty Place and build an even stronger relationship with TIAA-CREF," he added.
Shorenstein Realty Services, L.P. will be the exclusive leasing agent for the property.
Founded in the 1920s, and headquartered in San Francisco, Shorenstein Company is one of the longest established, privately-held real estate investment and management firms in the country, specializing in high-quality office properties.
Shorenstein Company currently owns and operates over 20 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 partnerships. Since 1992, the company has acquired and developed through these partnerships more than 14 million square feet at a gross acquisition/development cost in excess of $2 billion.
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About TIAA-CREF:
TIAA-CREF's Mortgage and Real Estate Division currently manages a portfolio of $23 billion in commercial mortgages in over forty states, and a $5 billion commercial equity portfolio of some 200 properties, making TIAA one of America's foremost institutional investors in the commercial real estate industry. The Division is part of the $272 billion TIAA-CREF financial services organization, which provides mutual funds, retail annuities, insurance, trust services and tuition savings programs to the general public. TIAA-CREF is also the nation's leading pension system for higher education.
About the Shorenstein Company
Shorenstein Company is the premier private owner and operator of Class A office buildings in the United States with a portfolio of more than 20 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, which 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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