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:
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, from the Portland Portfolio, was sold in March 2011.
601 California Avenue was sold in April 2012.
399 Boylston Street was sold in September 2014.
1400 and 1500 Seaport Boulevard was sold in October 2014.
Franklin Tower was sold in July 2015.
Congress Center, from the Portland Portfolio, was sold in January 2017.
Umpqua Bank Plaza, from the Portland Portfolio, was sold in January 2017.