PHILADELPHIA, PA, /PRNewswire/ -- In a sign that the commercial real estate investment market is beginning to thaw, Rubenstein Partners, a private equity firm providing leading real estate investment management and advisory services in office markets throughout the Eastern United States ("Rubenstein"), announced the closing of four separate transactions in the fourth quarter of 2010 by Rubenstein Properties Fund, L.P. ("Fund"), the Fund's first new investments in nearly four years. The four transactions located in Charlotte, NC, Whippany, NJ, Alexandria, VA and Cleveland, OH represent an initial equity investment of approximately $70,000,000, with anticipated follow-on equity investments in these deals of $30,000,000.
After patiently scouring for opportunities over the past few years, these deals reflect Rubenstein's ability to seize new opportunities in what had been a dislocated office investment market.
Each investment, while unique and distinct, is consistent with the Fund's focus on value-added office investments. Following the execution of these four year-end deals, the Fund is approximately 70% committed and has approximately $150,000,000 of equity available for future investments.
Rubenstein anticipates this year-end flurry of investment activity to be a harbinger of increased deal flow as distressed situations and others begin to make their way into a market that was overheated in 2006-2007, largely frozen in 2009 and anemic in 2010.
"We have worked very hard sourcing, underwriting and negotiating potential transactions for the better part of the last four years, but have refrained from buying. As the result of the firm's discipline, the Fund is well positioned to take advantage of opportunities that we believe will be coming to the market in 2011 and beyond," said David Rubenstein (top right photo), senior managing principal of Rubenstein Partners, the Fund manager.
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is lead by David Rubenstein and a select group of former senior real estate executives from The Rubenstein Company, L.P.
For additional information on the individual transactions, please contact:
Michael O'Callaghan of Rubenstein Partners, +1-215-399-4572, mocallaghan@rubensteinpartners.com
Web Site: http://www.rubensteinpartners.com/
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