Publicly traded Pacific Office Properties Trust Inc. and investment manager Angelo Gordon & Co. have teamed up on two joint ventures, formed to own two separate office properties: the City Square Office Towers in Phoenix; and the Pacific Business News Building, in Honolulu. The partnerships are the latest in a slew of joint ventures between the two firms. Together they have completed more than $950 million in acquisitions, the companies said in a written statement. Terms of the latest deals were not released.
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.