Capitalization and Investments
Shorenstein Realty Investors Two, L.P. (“Fund Two”) was formed in 1994 with $200 million of committed capital, including $15 million committed by Shorenstein; it was invested over a 27-month period.
Fund Two made equity investments in the following properties:
- Bay Colony Corporate Center, an 807,003 square foot three-building office complex located in Waltham, Massachusetts, with an adjoining parcel that could support an additional 161,605 square foot building.
- Carillon, a 469,656 square foot office building located in the Uptown submarket of Charlotte, North Carolina, with an adjoining parcel that could support an additional 368,000 square foot building.
- One Century Place, a 543,841 square foot two-building office complex located in the Airport submarket of Nashville, Tennessee, with an adjoining twelve acres of vacant land.
- Franklin Avenue Plaza, a 456,326 square foot four-building office complex located in Garden City, New York.
- First Union Financial Center, a 1.1 million square foot office building located in Downtown Miami, Florida. Fund Two acquired this property in partnership with Fund Three, with each fund owning a 50% interest in the property.
In October 1997, Fund Two commenced construction of the fourth office building at Bay Colony Corporate Center totaling 161,605 square feet; it was completed in December 1998.
- In 1997, Fund Two completed a subdivision and entitlement process relating to the twelve acres of vacant land adjacent to One Century Place, creating the opportunity to develop an additional 260,000 square feet. This development site was sold in December 1998.
- Upon completion of the fourth building at Bay Colony Corporate Center in December 1998, a 50% interest in the entire complex was sold.
- Franklin Avenue Plaza was sold in October 2000.
- First Union Financial Center was sold in August 2002.
- One Century Place was sold in April 2003.
- Carillon was sold in December 2004.
- The remaining 50% interest in Bay Colony Corporate Center was sold in January 2005.