Thomas Properties Group TPGI today announced that it and
California State Teachers' Retirement System (“CalSTRS”) have jointly acquired
an eight-building, three million-square-foot portfolio of office properties in
downtown and suburban Austin, Texas. The portfolio was purchased from
TPG-Austin Portfolio Syndication Partners, a venture among Lehman Brothers
Holdings Inc. (50%), an offshore sovereign wealth fund (25%) and TPG/CalSTRS,
LLC (25%).
Thomas Properties Group and CalSTRS have formed a new venture, known as
TPG/CalSTRS Austin, LLC, to own the Austin portfolio. Thomas Properties
Group's subsidiary is the managing member with a 50% interest and CalSTRS owns
the remaining 50% interest.
Concurrently, Thomas Properties Group has entered into an agreement with an
affiliate of Madison International Realty whereby its affiliate will acquire a
one-third interest in Thomas Properties Group's subsidiary that owns the
interest in TPG/CalSTRS Austin, LLC. Thomas Properties Group is the managing
member of the subsidiary and will act on its behalf as the manager of
TPG/CalSTRS Austin, LLC.
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