Capitalization and Investments
Shorenstein Realty Investors Eight, L.P. (“Fund Eight”) was formed in 2006 with $1.1 billion of committed capital, including $100 million committed by Shorenstein; it was invested over a 15-month period.
Fund Eight made equity investments in the following properties:
- Media Studios North, a media and entertainment campus comprising 932,190 square feet in five existing office buildings and options to acquire three neighboring parcels that could support development of an additional 426,000 square feet of office space located in Burbank, California. Fund Eight made this investment in partnership with Fund Seven, with each fund owning a 45% interest in the existing buildings and the remaining 10% owned by the local operating partner..
- Franklin Tower, a 226,530 square foot office building located in the East End submarket of Washington, D.C.
- 399 Boylston Street, a 229,383 square foot office building located in the Back Bay submarket of Boston, Massachusetts.
- A portfolio of properties located in the Portland, Oregon metropolitan area consisting of 49 office buildings totaling 4 million square feet and three development sites that could support an additional 561,080 square feet of office space.
- 1400 and 1500 Seaport Boulevard, a 447,747 square foot two-building office complex that is part of 1.7 million square foot office campus known as Pacific Shores Center located in Redwood City, California.
- The Spring District, a 36-acre development site located along the Bellevue-Redmond Corridor in Bellevue, Washington. At acquisition, site was improved with a 707,000 square foot industrial storage facility. Fund Eight acquired a 90% nominal interest in the property.
- 601 City Center, a 1.38-acre development site entitled for 594,000 square feet of office space located in Downtown Oakland, California.
- 601 California Avenue, a 111,653 square foot office building located within the Stanford Research Park submarket of Palo Alto, California.
In August 2007, Fund Eight sold a 50% nominal interest and entered into a development joint venture with an institutional investor for the development of a 594,000 square foot office building on the 601 City Center site. The project is being marketed to potential tenants and construction will not proceed until significant pre-leasing has been achieved.
In November 2007, Fund Eight commenced construction of First & Main, a 364,700 square foot LEED Platinum office building located in the Central Business District of Portland, Oregon; construction was completed in August 2010.
In December 2007, Fund Eight commenced construction of a 108,454 square foot office building located in the Kruse Way submarket of Lake Oswego, Oregon; construction was completed in April 2009.
In March 2010, the Media Studios North joint venture exercised its option to acquire one of the three neighboring parcels. This parcel is entitled to build a three-story, 96,000 square foot office building. The project is being marketed to potential tenants.
In June 2013, The Spring District joint venture completed rezoning and executed a Development Agreement with the city of Bellevue, Washington for up to 4.2 million square feet of commercial space and residential space. In July 2014, the joint venture closed on the sale of the first residential parcel.
First & Main was sold in March 2011.
601 California Avenue was sold in April 2012.
399 Boylston Street was sold in September 2014.