Fund Nine

Capitalization and Investments

Shorenstein Realty Investors Nine, L.P. (“Fund Nine”) was formed in 2007 with $2.062 billion of committed capital, including $154 million committed by Shorenstein; it was invested over a 52-month period.

Fund Nine made equity investments in the following properties:

  • 2000 West Loop South, a 357,036 square foot office building with a 1,300-stall attached parking garage located in the Galleria submarket of Houston, Texas.
  • Five Post Oak Park, a 567,230 square foot office building with a 1,673-stall adjacent parking garage located in the Galleria submarket of Houston, Texas.
  • 850 Third Avenue, a 613,664 square foot office building located in the Midtown submarket of New York City.
  • Park Avenue Tower, a 615,857 square foot office building located in the Midtown submarket of New York City.
  • Oyster Point Business Park and Marina Village, a 48.7-acre site located on the waterfront in South San Francisco, California.  The site is currently improved with 470,365 square feet of flex-industrial, office and retail space, and a 30-room hotel.  The Property is entitled for up to 2.2 million square feet of development in 12 separate R&D office buildings and three parking structures.
  • Main Plaza, a 614,572 square foot two-building office complex with a six-level parking garage that is part of a 48-acre commercial master plan known as Irvine Concourse located in Irvine, California.
  • Market Square, a 1.1 million square foot two-building office and retail complex located in San Francisco, California.

  • The Reserve (formerly known as 13031 Jefferson Boulevard), a 20-acre site located in the Playa Vista submarket of Los Angeles, California.  The property is a former USPS distribution facility, which consists of two buildings totaling 373,915 square feet of warehouse and office space. The site is entitled for 380,000 square feet of office space.

Fund Nine made debt investments relating to the following properties:

  • A junior mezzanine loan collateralized by equity interests in the owner of, and a B-Note and a C-Note collateralized by,  660 Madison Avenue, a 254,896 square foot office condominium located in the Midtown submarket of New York City.
  • A subordinated interest in a junior tranche of a construction loan collateralized by the first phase of Moffett Towers, a 900,600 square foot three-building office development located in Sunnyvale, California.
  • A senior and junior mezzanine loan package collateralized by equity interests in the owner of 1200 New Hampshire Avenue, a 278,257 square foot office building, and 2300 M Street, a 113,908 square foot office building, both are located in the West End submarket of Washington, D.C.
  • A senior and junior mezzanine loan package collateralized by equity interests in the owner of 1180 Avenue of the Americas, a 382,837 square foot office building located in the Midtown submarket of New York City.
  • A senior and junior mezzanine loan package collateralized by equity interests in the owner of 14 Wall Street, a 1.0 million square foot office building located in the Downtown submarket of New York City.
  • A junior tranche of a first mortgage loan collateralized by 2600-2800 Colorado Avenue, a 302,370 square foot office building located in Santa Monica, California.
  • A mezzanine loan collateralized by equity interests in the owner of 650 Madison Avenue, a 601,604 square foot office building located in the Plaza District of New York City.
  • A mezzanine loan collateralized by equity interests in the owner of Santa Clara Towers, a 422,046 square foot, two building office complex located in Santa Clara, California.
  • A senior mezzanine loan collateralized by equity interests in the owner of 450 Lexington Avenue, a 910,473 square foot office building located in the Grand Central submarket of New York City.

In March 2010, Fund Nine assumed ownership of Santa Clara Towers through a consensual foreclosure.

In April 2010, the Moffett Towers loan was extended and restructured.



Realizations

  • The 650 Madison Avenue mezzanine loan was repaid in June 2010.

  • The 1200 New Hampshire Avenue and 2300 M Street senior and junior mezzanine loan package was repaid in October 2010.

  • The 660 Madison Avenue junior mezzanine loan, B-Note, and C-Note were repaid in December 2010.

  • The 1180 Avenue of the Americas senior and junior mezzanine loan package was repaid in May 2011.

  • The Moffett Towers subordinated junior loan interest was repaid in October 2011.

  • The 14 Wall Street senior and junior mezzanine loan package was sold in April 2012.

  • The 450 Lexington Avenue senior mezzanine loan was sold in June 2012.

  • The 2600-2800 Colorado Avenue B-Note was repaid in June 2013.

  • Park Avenue Tower was sold in July 2014.