Friday, February 3, 2017

Rubenstein Partners Closes Third Value-Added Office Fund

Rubenstein Partners LP announced the final closing of Rubenstein Properties Fund III.

The discretionary real estate private equity fund raised a total of $565 million in capital commitments from a diverse group of investors, including some of the nation's preeminent public and private pension funds, university endowments and family offices.

Fund III seeks value-added office property investments in markets throughout the Eastern US.

In the past year, Rubenstein Partners LP has made six investments in a total of 39 office and mixed-use properties totaling $786.5 million. The office square footage has been being acquired for an average of about $115/square foot.

The properties are located in the Indianapolis, Philadelphia, Washington DC, and Atlanta markets.

Fund III fundraising surpassed Rubenstein’s two previous funds. Rubenstein Properties Fund II, L.P. launched in 2012 and raised $515 million of equity commitments. Rubenstein Properties Fund, L.P. launched in 2005 and raised $475 million of equity commitments.

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