Rubenstein Partners this week announced the closing of its first-ever office real estate fund, which will focus on acquiring value-added properties primarily in the Eastern United States. Rubenstein Partners, based in Philadelphia, is a private real estate investment management and advisory firm.
Rubenstein Properties Fund LP exceeded its initial target of $400 million. Its investors are primarily educational endowments and a select group of corporate pension funds and high-net-worth individuals.
“We are pleased that we were able to attract such an exceptional group of investors and to exceed our funding target in what is our first foray into the private real estate equity markets,” says David Rubenstein, senior managing principal of Rubenstein Partners. Rubenstein is the former CEO of Rubenstein Co., a development firm that sold most of its properties in 2004 to Brandywine Realty Trust.
Due in part to the experience of Rubenstein Partners principals, the new fund will focus on large, complicated transactions, and particularly on those requiring development, redevelopment or complex recapitalization.
Rubenstein Properties is seeking acquisitions throughout the Eastern Time zone and specifically in Boston, Central/Northern New Jersey, Philadelphia, Wilmington, Baltimore, Suburban Maryland, Northern Virginia, Atlanta, Southeast Florida and Washington, D.C. In addition, the fund has a mandate to invest throughout the United States in select properties in conjunction with Independence Capital Partners funds. Independence has approximately $6 billion of capital under management by independently operating member firms.