Pacific Office Properties Forms Joint Ventures to Reposition Phoenix and Honolulu Office Properties
May 05 2011 - 8:00AM
Business Wire
Pacific Office Properties Trust, Inc. (NYSE Amex: PCE) announced
today that it has formed two joint ventures with Angelo, Gordon
& Co., a privately held investment manager with approximately
$23 billion of assets under management. The joint ventures were
formed to own two separate office properties, the City Square
Office Towers in Phoenix, Arizona and the Pacific Business News
Building, in Honolulu, Hawaii.
The new partnerships are the most recent of over a dozen joint
ventures formed between Pacific Office’s management group and
Angelo Gordon, which together have completed over $950 million in
acquisitions. “The contributions of City Square and the PBN
Building to these joint venture structures are highly beneficial to
both partners, and is consistent with our co-investment strategy to
own properties in partnership with institutional investors,” said
Jim Ingebritsen, president and chief executive officer. The Company
had previously announced its intention to recapitalize a separate
1.6 million square foot Honolulu office portfolio.
The City Square Office Towers comprise 722,000 square feet in
three office towers located in the Phoenix CBD and is part of
Phoenix’s most prominent mixed-use project. The PBN Building is a
90,000 square foot, 10-story office building occupying a prime
intersection in the Waikiki district of Honolulu. Pacific Office
will continue to manage both properties and oversee its leasing
activities.
About Pacific Office Properties Trust,
Inc.
Pacific Office Properties Trust, Inc.
(www.pacificofficeproperties.com) is a self-administered and
self-managed real estate investment trust that owns and operates
primarily institutional-quality office properties principally in
selected long-term growth markets in southern California and
Hawaii. The Company’s strategy is to acquire, often in partnership
with institutional co-investors, value-added office buildings whose
potential can be maximized through improvements, repositioning and
superior leasing and management.
Certain Information About
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and are including this
statement for purposes of complying with those safe harbor
provisions. Forward-looking statements are not historical
information and are based on current expectations and involve risks
and uncertainties. Without limiting the generality of the
foregoing, words such as “should,” “may,” “will,” “expect,”
“believe,” “anticipate,” “intend,” “could,” “estimate,” “potential”
or “continue,” or the negative or other variations thereof or
comparable terminology, are intended to identify forward-looking
statements. The risks and uncertainties inherent in such statements
may cause actual future events or results to differ materially and
adversely from those described in the forward-looking statements.
Important factors that may cause a difference between projected and
actual results for Pacific Office Properties Trust, Inc. are
discussed in the Company’s filings from time to time with the SEC.
Pacific Office Properties Trust, Inc. disclaims any obligation to
revise or update any forward-looking statements that may be made
from time to time by it or on its behalf.
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