Thomas Properties Group

Last updated
Thomas Properties Group
Industry Real estate investment trust
FateAcquired by Parkway Properties
SuccessorParkway Properties, Inc.
Founded1996;23 years ago (1996)
FounderJames A. Thomas
DefunctDecember 20, 2013;5 years ago (2013-12-20)
Headquarters,
Area served
California, Pennsylvania, Virginia, and Texas
Key people
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.

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Contents

On December 20, 2013, Thomas Properties was acquired by Parkway Properties.

Parkway Properties US real estate investment trust

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.

History

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. [1]

Public company Company that offers its securities for sale to the general public

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. [2] The joint venture was liquidated in October 2013. [3]

EQ Office

EQ Office is a real estate investment company that owns 80 office properties comprising 40 million square feet. The company is owned by funds managed by The Blackstone Group. The company was formerly known as Equity Office.

A Joint Venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly emerging markets; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.

CalSTRS

The California State Teachers' Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California's 950,000 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913 and is part of the State of California's Government Operations Agency. As of February 2017, CalSTRS is the largest teachers' retirement fund in the United States. CalSTRS is also currently the eleventh largest public pension fund in the world. As of January 31, 2019, CalSTRS managed a portfolio worth $223.8 billion.

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. [4] [5]

Lehman Brothers Holdings Inc. was a global financial services firm. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, doing business in investment banking, equity and fixed-income sales and trading, research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.

Austin, Texas State capital city in Texas, United States

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 company

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. [6]

Awards

In 2008, the company received the California Sustainability Alliance's Sustainability Showcase Award. [7] 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. [8]

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References

  1. "Thomas Properties Group Inc (TPGI) IPO". NASDAQ.
  2. "Thomas Properties Group Enters Houston Market with Acquisition of 2.5 Million Square Feet of Suburban Office Properties from Equity Office; Acquisitions Add to Company's Texas Presence" (Press release). Business Wire. August 4, 2005.
  3. "Thomas Properties Group Announces Closing of the Liquidation of TPG/CalSTRS Joint Venture" (Press release). Business Wire. October 1, 2013.
  4. "Thomas Properties Group Announces Acquisition of Austin Office Portfolio" (Press release). Business Wire. September 19, 2012.
  5. Drake, Sarah (September 19, 2012). "Lehman's Austin portfolio acquired for $859M". American City Business Journals .
  6. "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion" (Press release). PR Newswire. December 20, 2013.
  7. California Sustainability Alliance, Sustainability Showcase Awards, Retrieved July 24th, 2010
  8. California Sustainability Alliance, Thomas Properties Group, Retrieved July 24th, 2010