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News and Information Article
Fund Exceeds Initial Target of $400 Million; Will Invest in Value-Added
Office Properties
PHILADELPHIA, May 23 // -- Rubenstein Partners, a private
equity firm providing leading real estate investment management and
advisory services in office markets throughout the Eastern United States,
today announced the final closing of its initial value-added office real
estate fund, Rubenstein Properties Fund, L.P.
The first-time fund of $475 million in committed equity exceeded its
initial target of $400 million.
The Fund will focus on value-added office investments, primarily in the
Eastern United States. It also has the mandate to invest throughout the
entire United States for certain select opportunities in conjunction with
sister Independence Capital Partners funds. These select opportunities are
intended to include investments in mixed-use complexes, mezzanine debt, and
corporate headquarters buildings.
The Funds investors are primarily educational endowments, but also
include a select group of corporate pension funds and high net worth
individuals. The Funds Sponsors, David B. Rubenstein, Dean Adler and Ira
Lubert, and the senior management of Rubenstein Partners, have committed
approximately $25 million of capital to the Fund.
"We are pleased that we were able to attract such an exceptional group
of investors and to exceed our funding target, in what is our first foray
into the private real estate equity markets," said David Rubenstein, senior
managing principal of Rubenstein Partners, who will manage the Fund. "The
quality of our investors and the success we have enjoyed in raising our
first fund is a direct reflection of the high regard with which the
industry holds the management team. In addition, Rubenstein Partners
association with the Independence Capital Partners family of funds and our
partnership with Dean Adler and Ira Lubert, in specific, were key factors
in reaching our goals."
Rubenstein previously served as the president and CEO of The Rubenstein
Company, L.P., an organization (including its predecessors) with a 35-year
history, which at one time was one of the largest privately held real
estate investment, development and management companies in the
Mid-Atlantic, holding in excess of $1 billion in Class-A office assets.
Due, in part, to the experience of Rubenstein Partners principals,
particular focus will be given to larger or more complicated transactions,
specifically those requiring development or redevelopment or complex
recapitalization which are part of its value-added strategy. The Fund will
give considered attention to assets located in Central Business Districts
and surrounding suburban markets. The Fund will seek to execute its
value-added strategies throughout the entire Eastern Time Zone, but will
focus primarily in the following markets: Boston, Central/Northern New
Jersey, Philadelphia, Wilmington, Baltimore, Suburban Maryland, Washington,
D.C., Northern Virginia, Atlanta and Southeast Florida.
About Rubenstein Partners
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 led by David Rubenstein and a select
group of former senior real estate executives from The Rubenstein Company,
L.P., and is focused on directing and managing value-added office real
estate investments, primarily in the Eastern Time Zone of the United
States. As a member of Independence Capital Partners, the firm also has
access to the office components of both mixed use and distressed asset
projects as well as the ability to participate in mezzanine financing
throughout the United States (http://www.rubensteinpartners.com).
About Independence Capital Partners
Formed in 1997, Independence Capital Partners has approximately $6
billion of capital under management by its member firms, spanning venture
capital, buyout, and real estate transactions. Member firms conduct their
operations and investment activities independently, but share investment
expertise and utilize a common infrastructure. Member firms include:
Lubert-Adler Real Estate; Quaker BioVentures; LLR Partners; LEM Mezzanine;
Chrysalis Capital Partners; Rubenstein Partners and LBC Credit Partners
(http://www.icpartners.com).
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