Capitalization and Investments
Shorenstein Realty Investors Seven, L.P. (“Fund Seven”) was formed in 2003 with $775 million of committed capital, including $75 million committed by Shorenstein; it was invested over a 37-month period.
Fund Seven made equity investments in the following properties:
- Cisco Tower, a 283,135 square foot office building located in Santa Clara, California.
- 1155 Perimeter Center West, a 376,693 square foot complex located in the Central Perimeter submarket of Atlanta, Georgia that includes an office building, a 66,499 square foot trading facility and data center, and an 8-level garage.
- The Starrett Lehigh Building, a 2.3 million square foot office building located in the Chelsea submarket of New York City.
- 409 and 499 Illinois Street, a 3.8-acre development site entitled for up to 450,000 square feet of commercial and/or laboratory space located in the Mission Bay submarket of San Francisco, California.
- 1201 Third Avenue, a 1.1 million square foot office building located in the Central Business District of Seattle, Washington.
- 5000 & 7000 Marina Boulevard, a 147,669 square foot two-building office complex located in the Sierra Point submarket of Brisbane, California.
- Blanchard Plaza, a 244,585 square foot office building located in the Denny Triangle/Belltown submarket of Seattle, Washington.
- 1625 K Street, NW, a 109,376 square foot office building located in the Central Business District of Washington, D.C.
- Fair Lakes, a 1.25 million square foot portfolio of nine office buildings and developable land, which has been entitled for an additional 480,000 square feet, located in Fairfax, Virginia.
- 311 South Wacker Drive, a 1.3 million square foot office building located in the West Loop submarket of Chicago, Illinois. Fund Seven acquired a 25% nominal interest in the property.
- 2601 Elliott Avenue, a 339,799 square foot office building located in the Waterfront District of Seattle, Washington, with a 592-stall parking garage located across the street and connected to the office building by a skybridge. Fund Seven acquired a 95% nominal interest in the property.
- 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 Seven made this investment in partnership with Fund Eight, with each fund owning a 45% interest in the existing buildings and the remaining 10% owned by the local operating partner.
- Palisades Office Park, a 636,701 square foot, four-building office complex located in the Central Perimeter submarket of Atlanta, Georgia, which includes additional development sites that are entitled for 524,000 square feet of office space, 200 multifamily units, a 200-room hotel, 50,000 square feet of retail space, and 10 live/work office condominiums.
In September 2006, Fund Seven entered into a long-term lease with a biotechnology company for 100% of a building to be constructed at 409 Illinois Street and the option to lease up to 100% of a second building to be constructed at 499 Illinois Street. In November 2006, Fund Seven commenced construction on the two buildings totaling 452,659 square feet, the buildings were completed in November 2008, and the tenant took occupancy of 409 Illinois Street in December 2008.
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 September 2012, the ownership of 311 South Wacker Drive was restructured to provide Fund Seven with a 38.5% ownership interest in the property.
- In July 2007, 1155 Perimeter Center West was sold and proceeds from this sale were used to acquire Palisades Office Park in August 2007 through a Section 1031 tax-deferred exchange.
- 409 and 499 Illinois Street were sold in April 2011.
- The Starrett Lehigh Building was sold in July 2011.
- 5000 & 7000 Marina Boulevard was sold in November 2012.
- 1201 Third Avenue was sold in November 2012.
- 311 South Wacker Drive was sold in March 2014.
- Cisco Tower was sold in April 2014.
- 1625 K Street, NW was sold in July 2014.
- Palisades Office Park was sold in August 2014.
- Blanchard Plaza was sold in January 2015.
- 2601 Elliott Avenue was sold in March 2015.