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Shorenstein Purchases Partnership Interest in Seattle’s Washington Mutual Tower
Fund Sponsor’s First Acquisition in Pacific Northwest
San Francisco, CA, - October 1, 2005 - Shorenstein Properties LLC, a leading sponsor of private real estate investment funds in the United States, has completed the purchase of a partnership interest in an entity which holds an ownership interest in Washington Mutual Tower, a 55-story office building located in the heart of Seattle's downtown financial district.
The 1.1 million square foot, award-winning building was completed in 1988 by local developer Wright Runstad & Company, a prominent Pacific Northwest commercial real estate development and management firm. The property is directly owned in partnership between a Wright Runstad affiliated partnership and Equity Office Properties Trust (NYSE: EOP). Shorenstein acquired an ownership interest for its seventh investment fund through a recapitalization of the Wright Runstad affiliated interest. Wright Runstad will retain an interest in the affiliated entity, and will continue to lease and manage the building; EOP's ownership position in the building remains unchanged.
Considered Seattle's first "post-modern" office building, the granite and emerald green glass tower incorporates an historic building at its base, and features a pedestrian plaza with three levels of shops, services, and rooftop gardens; a public atrium overlooking the plaza; and access to the Metro Transit Tunnel through the tower's lobby. Winner of the Award for Excellence for Large-Scale Office Buildings from the Urban Land Institute in 1994, the building is currently 97 percent leased.
Commenting on the purchase, Doug Shorenstein, Chairman and CEO of Shorenstein Properties, said: "Seattle is an intriguing, improving market and one we have been tracking for some time. We're pleased that our first acquisition in the city is one of the highest quality office buildings in the market, made even more appealing by the presence of a top class regional operator in Wright Runstad & Company. We believe that the fundamentals of the local market are going to continue to improve, making this a very attractive investment."
During 2005, Shorenstein Properties LLC has completed sales and investment transactions on behalf of its investment funds involving 5 million square feet of office space, including the acquisition of a 3.8-acre commercial development parcel in San Francisco's Mission Bay submarket, and the recapitalization of a 2.3 million square foot building in Manhattan.
Since 1992, Shorenstein has sponsored a series of closed-end investment funds. The company has acquired and developed through these funds over 18.7 million square feet at a gross acquisition/development cost in excess of $3.9 billion. In investing these funds, Shorenstein applies its investment and operating capabilities to capitalize on opportunities offering the most attractive risk-adjusted returns. As a result, fund investments have included everything from ground-up development to asset repositioning to stabilized assets. Investment structures have included 100% acquisitions, preferred equity investments, mezzanine loans and structured joint ventures.
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About Shorenstein Company:
San Francisco-based Shorenstein Properties LLC (www.shorenstein.com) is one of the oldest and most successful private real estate investment companies active throughout the United States in the acquisition, development, ownership and management of high quality office properties. Since its beginning in 1924, the company has evolved from a regional real estate operating company to an active national investor and manager of commingled institutional capital. Since 1992, Shorenstein has sponsored seven closed-end real estate investment funds with aggregate capital commitments of $2.3 billion. Shorenstein’s substantial co-investment, integrated investment and operating strategy and strong performance have positioned the company as an experienced leader in the value-added arena.
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