Greenstone principals partnered with Rubenstein Partners to buy and reposition Equity Office’s Central Perimeter portfolio. The partnership purchased 19 buildings, which included 3 ground leases as potential redevelopment sites. The transaction totaled $545mm.
19 buildings and 3 ground leases
Greenstone principals were the key development and operations arm for the venture and was instrumental in the $25mm redevelopment of the Terraces. They were also responsible for the successful zoning of four separate development pads. They leased over 400,000 square feet of property within a year and a half of its ownership period. Beginning in 2008 and realizing the need for stronger liquidity given the capital markets meltdown, they sold its interests to the Rubenstein Partners for roughly its original investment. In addition to the proceeds of this sale, Greenstone principals retained overall project leasing.
Rubenstein Partners – Equity Partner
Greenwich Capital — Financing