With the first fund of their new company Broadreach Capital Partners now closed at just over $300 million, Craig G. Vought, John A. Foster, Eli Khouri III and Warren E. "Ned" Spieker, Jr. are ready to start leveraging the cash for commercial property acquisitions.
Vought and Foster, the former co-CEOs of Spieker Properties, on Tuesday announced their resignation from EOP's board of trustees in order to focus on their new entity. Ned Spieker, former chairman of Spieker Properties, will remain on the EOP board and will not be involved in the daily operations of Broadreach, according to EOP. Khouri, formerly Spieker's chief investment officer, was not on the EOP board. All four hold the title of managing partner at their new firm.
When contacted by GlobeSt.com on Tuesday afternoon, Vought declined to comment on the company's plans. According to the company's website, it was formed in early 2002 as a private equity firm that pursues high-return real estate investments in the Western US.
"Broadreach will focus on opportunities where we can create significant value by capitalizing on the team's core competencies, including opportunistic acquisitions, operational excellence, strategic asset repositioning and select development activity," states the About Us section of the company's website. "Through its real estate fund, BRCP Realty LP I, the firm has raised $314 million for investment activity and serves as the general partner to a broad, well-capitalized group of institutional investors."
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