|Industry||Real estate investment trust|
|Fate||Acquired by Parkway Properties|
|Successor||Parkway Properties, Inc.|
|Founder||James A. Thomas|
|Defunct||December 20, 2013|
|California, Pennsylvania, Virginia, and Texas|
|James A. Thomas (Founder Chairman, President, & CEO)|
Thomas Properties Group was a real estate investment trust based in City National Plaza in Los Angeles, California.
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands. Some REITs engage in financing real estate.
City National Plaza is a twin tower skyscraper complex on South Flower Street in western Downtown Los Angeles, California, United States. It was originally named ARCO Plaza upon opening in 1972.
On December 20, 2013, Thomas Properties was acquired by Parkway Properties.
Parkway Properties, Inc. was a real estate investment trust that invested in office buildings in the Sun Belt. In 2016, the company was acquired by Cousins Properties.
Thomas Properties Group was founded in 1996 by James A. Thomas, and incorporated on March 9, 2004.
On March 9, 2004, it became a public company via an initial public offering.
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be listed or unlisted.
Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.
In August 2005, the company entered the Houston, Texas market with the acquisition of 2.5 million square feet of office space from EQ Office in a joint venture with CalSTRS.The joint venture was liquidated in October 2013.
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On July 1, 2007, Lehman Brothers and CalSTRS partnered with Thomas Properties to buy several properties in Austin, Texas that The Blackstone Group had acquired as part of its acquisition of EQ Office. In 2012, the company, in partnership with CalSTRs, acquired Lehman Brothers's interest in the joint venture.
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Austin is the capital of the U.S. state of Texas and the seat of Travis County, with portions extending into Hays and Williamson counties. It is the 11th-most populous city in the United States and the 4th-most populous city in Texas. It is also the fastest growing large city in the United States, the second most populous state capital after Phoenix, Arizona, and the southernmost state capital in the contiguous United States. As of the U.S. Census Bureau's July 1, 2017 estimate, Austin had a population of 950,715 up from 790,491 at the 2010 census. The city is the cultural and economic center of the Austin–Round Rock metropolitan statistical area, which had an estimated population of 2,115,827 as of July 1, 2017. Located in Central Texas within the greater Texas Hill Country, it is home to numerous lakes, rivers, and waterways, including Lady Bird Lake and Lake Travis on the Colorado River, Barton Springs, McKinney Falls, and Lake Walter E. Long.
The Blackstone Group L.P. is an American multinational private equity, alternative asset management and financial services firm based in New York City. As the largest alternative investment firm in the world, Blackstone specializes in private equity, credit and hedge fund investment strategies.
On December 20, 2013, Thomas Properties Group was acquired by Parkway Properties for $1.2 billion.
In 2008, the company received the California Sustainability Alliance's Sustainability Showcase Award.Thomas Properties Group was recognized for leadership in greening real estate and in integrating sustainable design and operations into all aspects of its products, services and investments.
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