We are deeply saddened to confirm the passing of our Chairman and CEO Doug Shorenstein.
Doug had been ill for some time and fought a courageous battle with his illness. Through it all, he maintained a positive and hopeful outlook, and he remained steadfastly focused on serving his family, his colleagues and his community.
We will miss him dearly.
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:
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.