First U.S. focused fund for Rockefeller Group Investment Management targets premier assets in gateway markets
New York, July 17, 2013 – The Rockefeller Group, the global property owner, developer and investment manager, today announced it has completed fundraising for Rockefeller Group U.S. Premier Office Fund LP. The fund raised $500 million, contributed largely by nine third-party investors – including Japanese and European pension plans – alongside co-investment capital from The Rockefeller Group and its senior executives and $250 million in co-investment equity for joint venture acquisitions.
Approximately 60 percent of the fund’s equity has been invested prior to closing. Through joint-venture acquisitions, to date the fund has acquired approximately 1.3 million square feet of Class A office space in Washington, D.C. and San Francisco, aggregating approximately $700 million in gross asset value. The fund continues to target premier office properties in the gateway markets of Boston, Los Angeles, New York, San Francisco and Washington, D.C.
The fund is the first U.S.-focused real estate fund raised by Rockefeller Group Investment Management Corp., The Rockefeller Group’s investment management subsidiary and the fund’s manager. The company has provided access to European property funds since 2010, following its strategic investment in Europa Capital, a London-based real estate fund manager that has raised six closed-ended funds and invested across 17 countries.
“Our investors share our confidence in the stability and value of high quality, well-located office assets in core U.S. markets,” said Dennis R. Irvin, President and Chief Executive Officer of Rockefeller Group Investment Management Corp. “In addition to the fund’s existing portfolio, we see good opportunities today in our target markets to leverage our extensive operating expertise to provide investors favorable returns and capital appreciation.”
About The Rockefeller Group
The Rockefeller Group is a leading global real estate owner, developer and investment manager. For more than eight decades the company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of one of the world’s finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan. Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property, including more than 5 million square feet since 2008. Today, the company owns, manages and invests in a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm’s October 2010 strategic investment in the London-based real estate fund manager Europa Capital. The Rockefeller Group is wholly owned by Mitsubishi Estate Co., Ltd., a world leader in real estate development, ownership and investment management. More information is available at www.rgim.com
[Editor’s note: this press release has been updated to include reference to co-investment equity for joint venture acquisitions.]
Dwayne Doherty The Rockefeller Group
Tel: (212) 282-2130 firstname.lastname@example.org