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 was founded in the 1920′s as a brokerage and management company. Since the early 1960′s, Shorenstein has been an active investor in high quality office projects, adding to its portfolio through both acquisition and development. Shorenstein has consistently operated with a primary emphasis on creating a durable cash flow, proactively managing its properties to generate attractive current returns while at the same time positioning them to successfully weather periodic market downturns. This strategy has given Shorenstein the organizational and financial stability and strength necessary to take full advantage of opportunities presented at all points in the real estate market cycle.
Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Each fund has been its exclusive investment vehicle during its investment period. In investing these funds, Shorenstein has used its investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. As a result, fund investments have included everything from ground-up development to execution of asset repositionings to acquisition of stabilized assets. Investment structures have included 100% acquisitions, preferred equity investments, mezzanine loans and structured joint ventures. Since 1992, these funds have invested in properties totaling 58.2 million square feet.
Shorenstein is presently investing its eleventh fund, which has committed equity of $1.22 billion.