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NEW YORK CITY-A joint venture comprised of two REITs has acquired an 80% interest in a five-building office portfolio in the southeast. The newly established Australian-listed Rubicon America Trust and NYSE-listed Parkway Properties Inc. took the 550,000-sf portfolio for $69.3 million. Locally based the Greenwich Group International LLC acts as exclusive advisor and asset manager for Rubicon, which is marking its first investment with this transaction. Greenwich, through its affiliate Terra Capital Partners, is also exclusive investment advisor to the Rubicon US Property Income Fund, also known as the Rubicon Mezzanine Loan Fund, a small balance, income oriented real estate mezzanine fund.

The properties, which are approximately 95% leased to tenants including the Federal Government, Wells Fargo, Colgate Palmolive and Travelers Indemnity, consist of the three-building Carmel Crossing in Charlotte, NC and Lakewood and Falls Pointe, both in Atlanta. The properties were constructed between 1986 and 1998 and, prior to the formation of the joint venture, were owned and operated by Parkway. Parkway’s subsidiary, Parkway Realty Services will continue to lease and manage the properties for the joint venture.

“We look forward to growing the trust through additional co-investments in income producing properties in partnership with high quality operating partners such as Parkway,” says Bruce Batkin, president of Terra Capital Partners. Greenwich officials say the joint venture is consistent with Rubicon’s business plan to seek “high quality, income oriented investments in partnership with top real estate operators.”

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