Capitalization and Investments
Shorenstein Investment Partners LLC (“Fund Five”) was formed in 1999 with $281.5 million of committed capital, including $20 million committed by Shorenstein; it was invested over a 29-month period.
Fund Five made equity investments in the following properties:
- Energy Centre, a 762,041 square foot office building located in the Central Business District of New Orleans, Louisiana.
- Prudential Plaza, a 2.2 million square foot two-building office and retail complex located in the East Loop submarket of Chicago, Illinois.
- The office and retail components totaling 537,258 square feet of Washington Harbour, a two-building mixed-use complex located in the Georgetown submarket of Washington, D.C.
In April 2001, Fund Five acquired land adjacent to Energy Centre and proceeded to obtain entitlements to build a 466-stall parking garage; the garage was completed in August 2002.
- Washington Harbour was sold in March 2003.
- Energy Centre was sold in November 2003.
- Prudential Plaza was sold in May 2006.