Shorenstein Properties

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Shorenstein Properties
Privately-held
PredecessorMilton Meyer & Company
FounderWalter Shorenstein
HeadquartersSan Francisco
Key people
Michael E. Rossi, Co-Chairman
Brandon J. Shorenstein, CO-Chairman
Glenn A. Shannon, Vice-Chairman
Websitewww.shorenstein.com
Footnotes / references
[1]

Shorenstein Properties is a real estate investment company that owns interests in 22 million square feet (2.0×10^6 m2) of office space, including 7 million square feet (650×10^3 m2) of space in San Francisco, where it is one of the city's largest office landlords.[1] The company has sponsored 11 real estate funds with total equity commitments of $7.9 billion, including $648.5 million from the company.[2]

History[edit]

In 1946, after being discharged from the military, Walter Shorenstein joined Milton Meyer & Company, which was later renamed Shorenstein Company.

In the early 1990s, Walter Shorenstein stepped back from day-to-day operations of the company. His son, Douglas W. Shorenstein, became chief executive officer of the company in 1995. Walter Shorenstein died in 2010 at age 95[3] and Douglas Shorenstein died at age 60 of cancer in 2015.[4]

In 2007, the company acquired $1 billion worth of property in Portland, Oregon from EQ Office.[5]

In 2012, a fund managed by the company acquired 350 North Orleans and in 2015, it sold the property to EQ Office for $378 million.[6]

In January 2014, the company acquired 1-3 Center Plaza in Boston from EQ Office for $307 million.[7]

In January 2016, a fund managed by the company acquired Bank of America Plaza (Atlanta), the tallest building in Georgia.[8]

In February 2018, the company acquired Capella Tower for $255 million.[9]

References[edit]

  1. ^ a b "Shorenstein: COMPANY OVERVIEW" (PDF). Shorenstein.
  2. ^ "Shorenstein: Investment Activities". Shorenstein.
  3. ^ MCLELLAN, DENNIS (June 26, 2010). "Walter H. Shorenstein dies at 95; Democratic Party fundraiser and San Francisco real estate mogul". Los Angeles Times.
  4. ^ McDermid, Riley (November 25, 2015). "San Francisco real estate tycoon Doug Shorenstein has died". American City Business Journals.
  5. ^ Culverwell, Wendy (March 19, 2012). "Equity Residential exits Portland with $111M sale". American City Business Journals.
  6. ^ Sudo, Chuck (July 16, 2015). "Blackstone Group Closes on $378M River North Point Sale". Bisnow Media.
  7. ^ Grillo, Thomas (January 9, 2014). "Blackstone's Equity Office sells 1-3 Center Plaza for $307 million". American City Business Journals.
  8. ^ Sams, Douglas (January 7, 2016). "Shorenstein Properties buys Bank of America Plaza". American City Business Journals.
  9. ^ Halter, Nick (February 23, 2018). "ASB Real Estate sells Capella Tower for $255 million to Shorenstein Properties". American City Business Journals.