Shorenstein Properties

Shorenstein is a real estate investment company that owns interests in 22 million square feet (2.0×10^6 m2) of office space, including 7 million square feet (650×10^3 m2) of space in San Francisco, where it is one of the city's largest office landlords.[1] The company has sponsored 11 real estate funds with total equity commitments of $7.9 billion, including $648.5 million from the company.[2]

Shorenstein
Privately-held
PredecessorMilton Meyer & Company
FounderWalter Shorenstein
HeadquartersSan Francisco
Key people
Brandon J. Shorenstein, (Chairman & CEO)
Glenn A. Shannon, (Vice-Chairman
Charles W. Malet, (President and Chief Investment Officer)
Websitewww.shorenstein.com
Footnotes / references
[1]

History

In 1946, after being discharged from the military, Walter Shorenstein joined Milton Meyer & Company, which was later renamed Shorenstein Company.

In the early 1990s, Walter Shorenstein stepped back from day-to-day operations of the company. His son, Douglas W. Shorenstein, became chief executive officer of the company in 1995. Walter Shorenstein died in 2010 at age 95[3] and Douglas Shorenstein died at age 60 of cancer in 2015.[4]

In 2007, the company acquired $1 billion worth of property in Portland, Oregon from EQ Office.[5]

In 2012, a fund managed by the company acquired 350 North Orleans and in 2015, it sold the property to EQ Office for $378 million.[6]

In January 2014, the company acquired 1-3 Center Plaza in Boston from EQ Office for $307 million.[7]

In January 2016, a fund managed by the company acquired Bank of America Plaza (Atlanta), the tallest building in Georgia.[8]

In February 2018, the company acquired Capella Tower for $255 million.[9]

On 21 October 2019, the company confirmed the purchase of a 450,000-square-foot commercial office property from Westcore Properties at 6800 Solectron Drive in Charlotte.[10]

References
  1. "Shorenstein: COMPANY OVERVIEW" (PDF). Shorenstein.
  2. "Shorenstein: Investment Activities". Shorenstein.
  3. MCLELLAN, DENNIS (June 26, 2010). "Walter H. Shorenstein dies at 95; Democratic Party fundraiser and San Francisco real estate mogul". Los Angeles Times.
  4. McDermid, Riley (November 25, 2015). "San Francisco real estate tycoon Doug Shorenstein has died". American City Business Journals.
  5. Culverwell, Wendy (March 19, 2012). "Equity Residential exits Portland with $111M sale". American City Business Journals.
  6. Sudo, Chuck (July 16, 2015). "Blackstone Group Closes on $378M River North Point Sale". Bisnow Media.
  7. Grillo, Thomas (January 9, 2014). "Blackstone's Equity Office sells 1-3 Center Plaza for $307 million". American City Business Journals.
  8. Sams, Douglas (January 7, 2016). "Shorenstein Properties buys Bank of America Plaza". American City Business Journals.
  9. Halter, Nick (February 23, 2018). "ASB Real Estate sells Capella Tower for $255 million to Shorenstein Properties". American City Business Journals.
  10. "Shorenstein Properties Acquires Office Campus in Charlotte's University City Submarket". Cision PR Newswire. 21 October 2019. Retrieved 21 July 2020.
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