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 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 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.  Fund Nine acquired a 93.4% nominal interest in the entity that owns this property and Park Avenue Tower.
  • Park Avenue Tower, a 615,857 square foot office building located in the Midtown submarket of New York City.  Fund Nine acquired a 93.4% interest in the entity that owns this property and 850 Third Avenue.
  • Oyster Point Business Park and Marina Village, a 48.7-acre site located on the waterfront in South San Francisco, California (“Oyster Point”).  The site is currently improved with 470,365 square feet of flex-industrial, office and retail space, and a 30-room hotel.  Oyster Point is entitled for up to 2.25 million square feet of development in 12 separate R&D office buildings and three parking structures.  Fund Nine acquired a 97% nominal interest in the entity that owns Oyster Point.
  • 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.  At acquisition, the property was improved with a former USPS distribution facility,  and was entitled for 380,000 square feet of office space.  Fund Nine acquired a 90% nominal interest in the property.

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 Plaza District 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.

In October 2012, Fund Nine purchased the remaining interest in 850 Third and now owns 100% of the property.

In December 2013, Fund Nine completed a partial buyout of its joint venture partner in Park Avenue Tower.



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 loan was repaid in June 2013.

  • Fund Nine’s interest in the Park Avenue Tower joint venture was sold in July 2014.