This is the company's second outright purchase here for its sixth investment fund. Shorenstein acquired the 933,000-sf 450 Lexington Ave two years ago. Earlier this year, Shorenstein closed Shorenstein Realty Investors Seven, its latest office real estate investment fund with total committed equity of $775 million and a capacity to acquire approximately $2.2 billion in office assets.
The strategy of each fund has been to acquire large, complex and management-intensive office properties in major US markets. Since 1992, Shorenstein has sponsored a series of closed-end real estate investment funds. These funds have acquired and developed more than 16 million square feet of Class A office properties throughout the US. Investors in the fund include foundations, college endowments, pension funds and high net worth families.
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