.According to John Sischo, executive vice president of Thomas Properties, the joint venture expects that "the current investment and credit markets environment" will "produce opportunities to acquire high-quality assets in strategic target markets at attractive risk-adjusted returns." Markets initially targeted for investment include, among others: Los Angeles, Orange County, San Diego and San Francisco, California, Austin and Houston, Texas, Washington DC/Northern Virginia, Seattle, Denver and Phoenix.
The joint venture initially may acquire properties on an all cash basis, depending on the attractiveness of available debt financing, with targeted long-term leverage of up to 60% loan-to-value. Thomas Properties also will provide property management and leasing services for assets that the JV acquires in markets where Thomas has an existing presence; such services for new markets will be determined on a case-by-case basis.
Publicly held Thomas primarily owns, acquires, develops and manages office properties throughout the US, but it also owns and develops mixed-use and residential properties nationwide. The company's holdings include a number of trophy assets, including the 2.6-million-sf City National Plaza office and retail complex at 555 S. Flower St. in Downtown Los Angeles.
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