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 Three, L.P. (“Fund Three”) was formed in 1996 with $113.5 million of committed capital, including $15 million committed by Shorenstein; it was invested over a five-month period.
Fund Three made equity investments in the following properties:
Fund Three sold a 50% interest in Oakland City Center in November 1998 through a joint venture structure. In 1999, the Oakland City Center joint venture exercised an option to acquire the 1,587-stall parking garage located under Oakland City Center from the City of Oakland. In May 2000, Shorenstein completed the entitlement process and the design work for a 485,039 square foot office building and a 221-stall parking garage on one of the development sites. The option to acquire the parcel was exercised and the building was developed by the joint venture and was completed in April 2002.