Family Office, RMR Launch $500M Office Fund

RMR Group’s headquarters in Newton, MA. Photo by Google Streetview

NEWTON, MA–The RMR Group and ABP Trust are launching an office fund with an immediate purchasing power of $300 million — which is expected to grow to $500 million — and that has been seeded with 15 office buildings owned by ABP, otherwise known as the Portnoy Family Office, that are worth $206 million. RMR is committing $100 million to the endeavor, which is called the RMR Office Property Fund LP.

It will be a private, open end core fund focused on acquiring middle market, multi-tenant office buildings in urban infill and suburban locations in non-gateway US markets. The fund defines middle market office properties to be larger than 50,000 square feet but valued at less than $100 million.