Shorenstein Co. Closes Sixth Investment Fund

SAN FRANCISCO-With $600 million in equity, Shorenstein Co. has closed Shorenstein Realty Investors Six, the largest fund sponsored by the company to date. In addition to Shorenstein’s $75 million capital investment, investors in the fund include foundations, college endowments, pension funds and high net worth individuals.

SRI Six will invest in large Class A office assets in major markets the United States using acquisition debt in the range of 60-65% of cost. “With our fifth fund about to be fully invested and the downturn in the national economy beginning to have an identifiable impact on capital flows in the Class A office sector,” says chairman and CEO Douglas Shorenstein, “we feel that the timing of the equity raise for SRI Six affords us a tremendous opportunity to build yet another successful investment portfolio.”

Shorenstein has acquired and developed over 12.5 million sf of class A office properties since 1992 via five investment funds. Properties purchased through these funds include the 1M square foot Bay Colony Corporate Center in suburban Boston, the 1-million-sf John Hancock Center, the 2.1-million-sf Prudential Plaza in Chicago, and the 1.2-million-sfFirst Union Financial Center in Miami.