Penn Mutual Towers to get new name and expansive renovation

In September 2014, we announced that we were renaming the historic office complex in the Independence Hall submarket of Philadelphia formerly known as Penn Mutual Towers to One Washington Square.  The property is also under a multi-million dollar renovation that, along with the name change, will reposition the building in the market as a premiere office destination.

Rubenstein Partners acquires 495 Business Center in Tewksbury, Massachusetts

In August 2014, we closed on the four-building campus known as 495 Business Center in suburban Boston, the eighth investment made on behalf of Rubenstein Properties Fund II.  Our strategy is to reposition the outmoded office and flex buildings to create differentiated, creative class office space.

Rubenstein Partners closes $500 million private equity fund

Rubenstein Partners is proud to announce that as of May 2014, we are finished raising our second fund — Rubenstein Properties Fund II — with approximately $500 million in equity commitments. Fund II is aggressively targeting deep value-added office investments in the Eastern United States and we have made eight (8) such investments to date.

Rubenstein and Grubb lease 490,000 square feet to Lenovo in Raleigh

In March 2014, we completed a long-term, single tenant lease with Lenovo for our entire Nexus property located in the Research Triangle Park of Raleigh-Durham, North Carolina.  This news comes less than four months after we acquired the former corporate campus from Ericsson.

The Firm

Overview

Rubenstein Partners is a fully integrated real estate investment firm providing first-class investment services, as a Registered Investment Advisor, in office markets throughout the Eastern United States.We believe in superior results through specialization and therefore focus on a single asset class (office), a single segment of the risk spectrum (value-added), and a specific geography (the Eastern United States). Our goal is to consistently generate outsized risk-adjusted returns for our clients through a variety of skills including creative acquisitions, “hands on” asset management, entrepreneurial repositionings, and timely dispositions. These investments are structured across the real estate capital stack; however, we typically focus on traditional, controlling investments both with and without local operating partners.

We currently manage two fully discretionary closed-end funds — Rubenstein Properties Fund I, a $475 million private equity fund closed in 2006, and Rubenstein Properties Fund II, $500 million private equity fund closed in 2014 — as well as some legacy assets related to the firm’s predecessor company.

History

Rubenstein Partners was founded in 2005 after a majority of the predecessor company was sold in 2004. The predecessor company to Rubenstein Partners comprised a vertically integrated platform focusing on commercial office in the Eastern United States which, at its peak, was one of the largest private investors in office real estate in the Mid-Atlantic by square footage. After liquidating, David Rubenstein and several other key members of the former senior management team formed Rubenstein Partners which closed on its first fund in May 2006. Since then, Rubenstein Partners has become a Registered Investment Advisor with established offices in Boston, New York, New Jersey, Philadelphia, Washington, DC and Atlanta.

Approach

Rubenstein Partners primarily focuses on complicated office real estate investments, including assets requiring major redevelopment or complex recapitalization. As a result of our history as a vertically integrated operator, our management team possesses an extensive real estate background across a variety of disciplines, including redevelopment and construction, property management, operations and engineering, leasing, asset management, transactions, legal and accounting. We therefore target investments that enable us to apply our in-house expertise to minimize real estate risk, while simultaneously creating potentially outsized risk-adjusted returns.

Our depth enables us to directly operate properties acquired by our private equity funds; however, we typically joint venture with local operating partners in our to leverage ourselves on a day-to-day basis.

Present

Rubenstein Partners currently manages two closed-end private equity funds with equity commitments in the amounts of $475 million and $500 million, respectively. Fund I was established in late 2005 and quickly closed in May 2006 with a diverse group of institutional investors, including educational endowments, public and private pension funds, and high net worth individuals. Investment activities in Fund I concluded in 2012 and we continue to manage assets acquired therein. Fund II commenced activities in mid-2012 and had its final closing of commitments in April 2014 with a similar investor base as Fund I. We are currently actively investing on behalf of Fund II.

Specializing in value-added office investments throughout the Eastern United States

Meet the Team

R. Bruce Balderson

Bruce Balderson

General Counsel

As General Counsel, Bruce participates, from the legal perspective, in the firm’s acquisition, disposition, development, leasing, management, financing and construction processes, and oversees the activities of the various outside counsel used by the firm. Bruce joined the predecessor company in 1998 and became General Counsel in 2005. He has significant experience in commercial real estate acquisition, disposition, financing and leasing transactions.

From 1988 to 1993, Bruce was an attorney in the Philadelphia office of the law firm of Dechert LLP, as a member of the firm’s real estate department. Subsequent to this experience, Bruce was a member of the Blank Rome LLP’s real estate department.

In 1985, Bruce graduated from Dickinson College, magna cum laude, with a Bachelor of Arts in Economics.  In 1988, he graduated from the University of Pennsylvania Law School, cum laude, with a Juris Doctor degree and was a member of Penn Law’s Moot Court Board. Bruce also studied at the London School of Economics and Political Science in London, England, and at Cambridge University in Cambridge, England. Bruce is a member of the Association of Corporate Counsel. He is a former member of Dickinson College’s Alumni Council and the Board of Directors of the Southeastern Pennsylvania affiliate of the American Heart Association.

Back
R. Bruce Balderson
Bruce Balderson
General Counsel
David Canaday

David Canaday

Regional Director of Atlanta

David is responsible for asset management and investment activities in the Southeastern United States. He oversees the strategic asset management of the Fund’s office and land portfolio located in the Central Perimeter submarket of Atlanta, Georgia.  In addition, he actively pursues operating partner relationships and selection of investment opportunities in Georgia, the Carolinas and Florida.

Beginning in 1985 and continuing to 1991, David was involved in the leasing and operation of mixed-use, office, industrial and retail real estate assets within the Houston, Texas and Southeastern Florida markets with Central Management, Inc. and Crocker & Company, respectively.  In 1991, David began a 15 year career at Trizec Properties, Inc. where, as Senior Vice President of Trizec’s Southeastern region, he led the region’s 8 million sf portfolio and expanded the company’s Atlanta, Georgia presence through the development of the 560,000 sf One Alliance Center and several suburban office buildings. He was also responsible for Trizec’s disposition of several non-core assets, development and implementation of strategic corporate initiatives and participated in the Blackstone purchase, and subsequent sale, of Trizec’s 3.5 million sf Atlanta portfolio in 2006. David joined Rubenstein Partners in early 2007, at the time of the firm’s $550 million investment in over 3.5 million sf of office assets in Atlanta’s Central Perimeter market. After executing the repositioning, stabilization and disposition of several assets, he is currently focusing on asset management and redevelopment of the remaining Atlanta Central Perimeter assets and  pursuing new investments for Rubenstein Partners.

David graduated from the University of Missouri in 1984 with a Bachelor of Science in Business Administration. David is a Board Member of the Perimeter Center Improvement District and Perimeter Business Association, a BOMA – Real Property Administrator, an IREM Certified Property Manager, and a member of CoreNet and NAIOP.

Back
David Canaday
David Canaday
Regional Director of Atlanta
Stephen Card

Stephen Card

Regional Director of Mid-Atlantic

Stephen is responsible for the Mid-Atlantic region. He is responsible for sourcing, evaluating and executing new acquisitions. Steve became a member of Rubenstein Partners in early 2008. Key investments while at Rubenstein include 1150 Northbrook, Princeton South Corporate Center, The Crossings, 30 Montgomery, One Washington Square, 211 Mount Airy Road and the former Alcatel-Lucent HQ.

Prior to Rubenstein Partners, Stephen worked at Starwood Capital’s U.S. acquisition group where he was responsible for sourcing, negotiating and underwriting opportunistic investments covering all real estate asset classes. In 2002 he joined Catterton Partners, a middle-market private equity firm with over $2 billion in capital under management, specializing in acquisitions and asset management of restaurants, retail and consumer companies throughout the United States. Stephen executed and closed over $500 million in transactions and assisted with strategic advisory, structured and negotiated financings, and managed asset management for existing portfolio companies. Stephen began his career in Investment Banking with Merrill Lynch as an analyst in the Retail and Consumer Products Group where he participated on advisory teams that originated and executed a full range of financial and strategic alternatives for companies in the retail and consumer products industries.

Stephen graduated from Duke University with a Bachelor of Science in 2000. He graduated from The Wharton School of the University of Pennsylvania in 2007 with an MBA in Real Estate.

Back
Stephen Card
Stephen Card
Regional Director of Mid-Atlantic
Devon Cheshire

Devon Cheshire

Vice President of Development

Devon manages all aspects of development, capital improvement projects and due diligence efforts undertaken by the Firm and its partners. Additionally, Devon performs various asset management functions, including but not limited to lease negotiation, asset and portfolio valuation, financial analysis and dispositions. Devon joined Rubenstein Partners in 2008. Key Rubenstein investments include the Belvoir Corporate Center, 1150 Northbrook, 30 Montgomery, One Washington Square, 495 Business Center, Maryland Trade Center III, Crossroads Center, Centerpoint and 2900 Eisenhower.

Prior to joining Rubenstein Partners, Devon worked for a project controls consulting firm in Colorado for seven years, and then the Trammell Crow Company for six years. To date, Devon has overseen the successful completion of over 3 million sf of development or redevelopment, including: the completion of multiple educational facilities and a casino/hotel in Colorado; 120,000 sf medical office building and 1,350 car parking structure for The Cleveland Clinic; a 215,000 sf distribution center expansion for Dick’s Sporting Goods; over 325,000 sf of office fit-out work, and 250,000 sf of medical office space zoning and entitlements, associated structured parking and 28 townhouses for Main Line Health in the Philadelphia suburbs. More recently, Devon has successfully completed, or is currently executing over 1.5 million sf of ground up or redevelopment projects for the Firm.

Devon is a 1995 graduate of the University of Colorado where he earned a Bachelor of Science in Architectural Engineering and Construction Management and received his MBA from Carnegie Mellon University in 2003. He is a Member of the Urban Land Institute and the Children’s Heart Foundation.

Back
Devon Cheshire
Devon Cheshire
Vice President of Development
Daniel Doyon

Daniel Doyon

Director of Acquisitions & Regional Director of North Carolina and Florida

Dan is responsible for sourcing, underwriting, and helping to execute new investments. He plays a key role at the firm by assisting David Rubenstein and others with evaluating all investments and is involved with important strategic corporate initiatives. Dan has been instrumental in refining proprietary techniques and acquisition models employed in the evaluation of every investment. Additionally, Dan has specific responsibility for sourcing opportunities and developing relationships with potential joint venture partners in the states of Florida, North Carolina and in various NYC Metro markets, but general responsibility for all of the markets in which the Fund Manager participates.

Dan joined Rubenstein Partners in 2006 after completing his undergraduate degree. Key Rubenstein investments include NASCAR Plaza, Lenovo Enterprise Campus and Newcastle.

Dan graduated from The Wharton School, magna cum laude, earning a Bachelor of Science in Economics with concentrations in Real Estate and Finance.

Back
Daniel Doyon
Daniel Doyon
Director of Acquisitions & Regional Director of North Carolina and Florida
Salvatore Dragone

Salvatore Dragone

Director of Property Management

Salvatore Dragone oversees the management and operations of all Fund I and Fund II assets and is an integral part of Rubenstein Partners’ acquisition efforts. Sal joined Rubenstein Partners in 2006.

Prior to joining Rubenstein Partners, Sal was a Regional Vice President of Property Management with Liberty Property Trust, where he oversaw the property management operations of over 18 million sf of office, flex and industrial space. Since 1989, Sal has worked in all aspects of the real estate management field for both small and large developers throughout the Eastern United States. In that time, Sal earned the designations of ARM, CPM, and CCIM and has held positions as a property manager, general manager, regional manager, director and vice president; his list of past and current clients include many of Fortune’s 100 top companies. Throughout his career, Sal has had an affinity for customer service and exceeding the needs of his clients.

Sal is a graduate of Drexel University where he received his MBA from Drexel’s LeBow College of Business. Sal is also member of the Institute of Real Estate Management and has earned the CPM and ARM designation, a member of the Commercial Investment Real Estate Institute, where he holds the designation of CCIM, a licensed real estate professional in New Jersey and Pennsylvania and a member of the Tri-State Association of Realtors. In addition, Sal is an Adjunct Instructor at Drexel University, serves as Vice President of Education for IREM Chapter 3, is on the Board of Directors for the Families in Crisis Foundation and has served on Board of Directors of Habitat for Humanity in Burlington County, NJ, as both a member and Vice President.

Back
Salvatore Dragone
Salvatore Dragone
Director of Property Management
Stephen Evans

Stephen Evans

Regional Director of Washington, DC

Steve is responsible for spearheading acquisition and asset management efforts in the greater Washington, DC area – from Baltimore to Richmond – and also covers Nashville, TN.  Steve is an initial member of the Investment Committee. Over his 25 year career, Steve has developed and acquired investments on the East Coast totaling more than a billion dollars and asset managed 2.5 million sf of mostly office assets in the greater Washington, DC market.

Steve re-joins the senior management of Rubenstein Partners, as he was Vice President and Director of Development for the predecessor company between 1998 and 2003. Collaborating with Eric Schiela, Steve was involved in the entitlement and development of Valley Creek Corporate Center, the development of “The Greens” in Northern Virginia and projects in Atlanta and Pittsburgh, among others. Prior to re-joining the firm, Steve was a Senior Vice President and Director of Acquisitions and Asset Management for KBS Realty Advisors, from 2009 to 2013, for which he was responsible for sourcing new investments in the Mid-Atlantic and Southeast Regions and overseeing asset management of a 1.75 million sf office portfolio in Metro Washington, DC. Before KBS, Steve held Senior Acquisition and Asset Management positions at Carr Properties and Lowe Enterprises and spent his early career at Cassidy Turley and JMB Realty Corporation.

A native Washingtonian and resident of Mclean, VA., Steve graduated from Vanderbilt University. Steve was a founding member of the George Washington University Center for Real Estate and Urban Analysis Advisory Board and is active in the real estate community.

Back
Stephen Evans
Stephen Evans
Regional Director of Washington, DC
Rick Furches

Rick Furches

Director of Development

Rick serves as Director of Development. He is responsible for all planning, design, approval, construction and development related issues regarding Rubenstein Partners owned real estate and properties that we are considering for acquisition. Rick joined Rubenstein Partners in 2006. Key investments include Lenovo Enterprise Campus, the former Alcatel-Lucent HQ, Crossroads Center, Centerpoint, Cleveland Flats East, Westview Corporate center, 211 Mount Airy Road and The Crossings.

Prior to Rubenstein Partners, Rick served as Senior Vice President of Development at The Fox Companies. Over the course of sixteen years with The Fox Companies, Rick was responsible for the design, approval and construction of over 3 million sf of corporate office, commercial, and sports and entertainment buildings costing approximately $1 billion. His career has included such projects as the Wachovia Center (a 750,000 sf state of the art sports arena which is home to the Philadelphia 76ers and Flyers), Chesterbrook Corporate Center (numerous buildings in a 900 acre mixed use development in PA) and The Aspen Club and Spa in Aspen, CO. Earlier, Rick served as Project Engineer for Buford T Lumsden and also held several positions at R M Shoemaker Co.

Rick graduated from Princeton University in 1980 with a Bachelor of Science in Civil Engineering.

Back
Rick Furches
Rick Furches
Director of Development
Brandon Huffman

Brandon Huffman

Director of Investor Relations
Regional Director of Midwest

Brandon has been with the firm since 2008 and is responsible for the Midwest region . In this role, he is responsible for sourcing, evaluating and executing new acquisitions, as well as all aspects of asset management within the region. Key investments include Cleveland Flats East, 2900 Eisenhower, Lee’s Hill II, Belvoir Corporate Center, Schaeffer Site and Maryland Trade Center III. In addition, Brandon serves as the firm’s Director of Investor Relations and is responsible for the company’s fundraising activities.

Prior to joining Rubenstein Partners, Brandon spent two years at Wachovia Securities in the Real Estate Leveraged Finance Group where he was part of a team that originated and syndicated construction loans for commercial and residential properties throughout the Southeastern United States as well as corporate credit facilities for large, national homebuilders.

Brandon graduated from the University of Virginia in 2006 with a Bachelor of Science in Commerce with a concentration in Finance and a Bachelor of Arts in Spanish.

Back
Brandon Huffman
Brandon Huffman
Director of Investor Relations
Regional Director of Midwest
Jeremiah Kane

Jeremiah Kane

Regional Director of New York City

Jeremiah is the Director of New York City. Jeremiah joined Rubenstein Partners in 2013 and is responsible for sourcing, evaluating and executing new acquisitions. In addition, he is responsible for working with lending institutions and capital partners in the New York region.

Prior to joining Rubenstein Partners, Jeremiah worked as strategic advisor to various real estate development companies on portfolio recapitalization, acquisitions and DPO transactions.  Jeremiah served as Director of Acquisitions at the Paramount Group where he was responsible for all aspects of the property acquisition process and was part of a team that executed over $4 billion in property acquisitions and $1 billion in dispositions.

Jeremiah graduated from the Wharton School of the University of Pennsylvania with a Bachelor of Science in Economics and an MBA majoring in Real Estate and Finance.

Back
Jeremiah Kane
Jeremiah Kane
Regional Director of New York City
Jeffery Kusumi

Jeffery Kusumi

Chief Compliance Officer

Jeff works directly with the Chief Executive Officer on many initiatives related to corporate areas as well as issues related to investor relations, corporate and property financings, and risk management. Jeff implements and monitors all of the compliance standards required by the Registered Investment Act. Jeff joined the predecessor company in 1998 as Director of Corporate Operations. Key Rubenstein investments include Cleveland Flats East and projects involving tax credits and other governmental incentives.

From 1996 to 1998, Jeff was Vice President of ACG Professionals, a real estate consulting company focused on large scale financial modeling and acquisitions due diligence for REITs, investment banks and real estate development companies. From 1991 to 1996, he was the Principal of Urban Land Consulting, a real estate consulting company engaged in mortgage banking and real estate development for senior housing and low-income housing tax-credit projects. From 1989 to 1991, he was the General Securities Principal for a capital syndication subsidiary and Assistant-to-the-President of EIC Group in San Francisco, an investment management company selling real estate investments to Asian overseas investors. From 1986 to 1988, Jeff worked as a Financial Analyst and Leasing Assistant for Wright, Runstad & Company, a high-rise office developer in Seattle.

Jeff graduated cum laude from Harvard University with an Bachelor of Arts in Economics. He also has a Masters of Science degree in Real Estate Development from the Massachusetts Institute of Technology and a Juris Doctor degree from the University of Washington, School of Law. Jeff has been NASD Series 7 and 24 licensed, a real estate broker, and is a member of the Washington State Bar Association.

Back
Jeffery Kusumi
Jeffery Kusumi
Chief Compliance Officer
David Rubenstein

David Rubenstein

Founder & Senior Managing Partner

David is responsible for developing and implementing the overall strategic initiatives for the Fund Manager. He oversees the operation of the various departments, and plays a particularly active role in all investment and corporate finance activities. He regularly meets with the asset managers to assess the operating status of all the properties in the portfolio, as well as to assess the industry issues that they are facing while operating their properties. Similarly, David regularly meets with key employees and local operating partners to discuss the latest market conditions in each of the relevant submarkets as well as any significant operational decisions related to tenants or the properties in general. David is known to be one of the more “hands on” fund managers in the business.

From 1987 to 1989, David worked as an acquisition specialist for JMB Realty Corporation in Chicago, where he analyzed real estate markets and potential acquisitions nationwide. He provided full analytical and market analysis on each potential acquisition on which he worked. In 1990, he interned at Morgan Stanley in the Mergers and Acquisitions Department. David joined the predecessor company in 1991 as Director of Acquisitions and subsequently became President in 1997, and CEO in 2001. His vision, market knowledge and analytical acumen have kept the Fund Manager at the cutting edge of the office investment industry.

David graduated from Duke University in 1987 with a Bachelor of Arts degree in Economics. He graduated from the Wharton School of the University of Pennsylvania in 1991 with a MBA in Finance.

David is a member of the Urban Land Institute and the Samuel Zell and Robert Lurie Real Estate Center at the Wharton School. He is on the Board of the Children’s Hospital of Philadelphia serving on the executive committee. He is also a member of the Young Presidents Organization (YPO).

Back
David Rubenstein
David Rubenstein
Founder & Senior Managing Partner
Mark Rubenstein

Mark Rubenstein

Special Senior Advisor

As founder of the predecessor company, and its steward for over thirty years, Mark is recognized as one of the preeminent leaders of the commercial real estate industry. He provides Rubenstein Partners with extraordinary perspective and insight gained through his many years of experience.

In 1965, Mark joined Builders Development and Service Company of Philadelphia. While employed there, he managed in excess of 1,500 apartment units in Pennsylvania and Delaware and developed over 700 new units along with two branch banks, a convenience food market, a 33,200 square foot supermarket and the first phase (200,000 square feet) of an enclosed regional mall shopping center. During this period, he also planned, zoned, developed and sold several hundred acres of land as tracts for single-family housing.

In June 1969, Mark formed The Rubenstein Company, which then assumed responsibility for the completion and future management of all the projects at his former employer that were still in the developmental stages. The basic construction and bookkeeping staff of the former company joined his firm.

In a measured program over thirty-five years, Mark guided development of the predecessor company into a full service real estate company with capacity for acquisition, development, construction, leasing, management and financing of substantial real estate projects.

Mark graduated from Johns Hopkins University with a Bachelor of Science in 1962 and a earned a Masters in Engineering in 1965. He is a Trustee Emeritus of Johns Hopkins University, where he served on the Executive Committee, Buildings and Grounds Committee, was Chairman of the Finance Committee and was on the Principal Gifts Committee. Mark is also a Trustee Emeritus of Johns Hopkins Medicine, a Trustee of the Philadelphia Museum of Art, where he is a member of the Executive Committee and is Chairman of the Buildings and Grounds Committee, and a Trustee of the Curtis Institute of Music.

Back
Mark Rubenstein
Mark Rubenstein
Special Senior Advisor
Eric Schiela

Eric Schiela

Managing Principal & Chief Operating Officer

Eric is responsible for overseeing and coordinating the day-to-day activities of the firm’s operations, and provides particular focus on investments with extensive redevelopment/repositioning aspects. In addition, he directs the planning and implementation of various strategic initiatives that drive the financial and operating performance of the firm. He has also provided particular focus on firm’s investment in the former Alcatel-Lucent HQ, including the sale and redevelopment of a portion of the campus to Bayer Pharmaceuticals and the mixed-use development of the remainder of the campus.

As a Development/Asset Manager with the predecessor company, Eric was responsible for the site plan approvals for Valley Creek Corporate Center North, a 1.2 million sf, master planned, three phase office development, and the repositioning of Radnor Financial Center, a 1.5 million sf conversion of an 11 building corporate campus to a Class A, multi-tenant environment. Early in his career, Eric worked as a Project Manager for the U.S. Army Corps of Engineers where he managed the planning, design and construction of new buildings, infrastructure and building rehabilitation projects for the U.S. Air Force and U.S. Army. In addition, he was responsible for managing investigation, design and construction phases of environmental remediation projects under the U.S. Environmental Protection Agency’s Superfund program.

Eric holds a Bachelor of Science in Civil Engineering from the University of Notre Dame, a Masters in Civil Engineering from Villanova University and a MBA from the Wharton School at the University of Pennsylvania. He is a former Professional Engineer in Pennsylvania.

Back
Eric Schiela
Eric Schiela
Managing Principal & Chief Operating Officer
Deke Schultze

Deke Schultze

Regional Director of New England

Deke is responsible for spearheading the firm’s investment activities in the New England region. Since joining in 2008, key investments include 495 Business Center, Centerpoint, 55 Walkers Brook Drive and Crossroads Center.

Before joining Rubenstein Partners, Deke spent ten years in various senior management roles at ING Clarion with responsibilities encompassing acquisitions, capital markets, asset management and property management. As acquisitions officer for the New England region between 2005 and 2008 he acquired assets totaling over $730 million in gross investment value covering over 2.5 million sf across multiple property types and risk profiles. He also served as co-chair of ING Clarion’s Sustainability Task Force which developed and implemented the firm’s Sustainable Growth Program promoting green building and smart growth best practices across its investment portfolio and corporate operations. Prior responsibilities included the direction of a portfolio of suburban Boston office assets totaling over 1.2 million sf and valued in excess of $300 million including developing and executing all asset level strategies and directing property management, leasing, operations and capital budgeting. During this time, he directed leasing of over 300,000 sf and oversaw dispositions totaling over $125 million. Prior asset management responsibilities included those for a New England portfolio of assets valued in excess of one billion dollars.

Deke graduated from Dartmouth College in 1992 with an Bachelor of Arts and earned his MBA from Rice University in 1994.

Back
Deke Schultze
Deke Schultze
Regional Director of New England
Craig Zolot

Craig Zolot

Director of Asset Management

Craig works closely with Eric Schiela on numerous asset management activities, including the coordination of operating plans and budgets for all of the properties with the corporate level operating plan, as well as initiating the implementation of best practices throughout the firm’s portfolio. In addition, Craig serves as the asset manager with respect to certain properties, particularly those without third-party operating partners. Over the years, Craig has worked directly on numerous Rubenstein investments, including, most recently, NASCAR Plaza, One Washington Square and several properties located in the Washington, D.C. metro area.

Craig joined the predecessor company in 1994 as a Portfolio Manager. Craig brings extensive experience in portfolio budgeting and forecasting, decision modeling, and project management and organization. In June 1986, Craig joined the Prudential Mortgage Capital Company where, over several years, he originated over $300 million in commercial real estate loans in the Washington, D.C. and Philadelphia markets. In 1991, he was named Director of Mortgage Asset Management for the firm’s Mid-Atlantic office, where he had regional responsibility for loan servicing and workouts. In 1993, Craig joined Coopers & Lybrand, where he oversaw the management, workout and liquidation of a $750 million real estate loan portfolio under a major Resolution Trust Corporation contract.

Craig graduated from The University of Pennsylvania in 1981 with a Bachelor of Science in Economics. He graduated from The Wharton School in 1986 with an MBA in Finance.

Back
Craig Zolot
Craig Zolot
Director of Asset Management

Our platform combines a vertically integrated skillset with discretionary capital

Properties

Lenovo Enterprise Campus

We acquired the former Ericsson RTP Campus in December 2013 and leased the entire property to Lenovo in March 2014 as the headquarters of its newly acquired Enterprise division.

495 Business Center

We acquired the suburban campus in August 2014 and are in the process of significantly repositioning the property to cater to tenants seeking creative class office space.

One Washington Square

We acquired the historic office building formerly known as Penn Mutual Center in December 2013 located in the burgeoning Independence Hall submarket of Philadelphia. We've since rebranded the property to One Washington Square and are performing significant renovations.

211 Mount Airy Road

SubmarketRoute 78 East
MarketNorthern New Jersey
Square Footage282,000
Occupancy48%
Date AcquiredSeptember 2013
Asset ManagerStephen Card
PartnerOnyx Equities, LLC

Fund II, in partnership with an affiliate of Onyx Equities, acquired this asset in September 2013 from its corporate owner, Avaya, Inc., who leased back 1/3 of the Property for a short term with the remainder vacant. The strategy was to reposition the former corporate headquarters to appeal to the third party leasing market, which included a new façade and amenity package. Township approvals have been received and the redevelopment process has commenced. Currently, long-term leases are being discussed with several large tenant prospects including Avaya itself.

Map
211mount2
Northern New Jersey
Route 78 East
211 Mount Airy Road

Acquired September 2013

Crossroads Center

SubmarketMetrowest
MarketBoston
Square Footage90,340
OccupancyN/A
Date AcquiredAugust 2013
Asset ManagerDeke Schultze
PartnerThe Congress Group, Inc.

Fund II acquired this asset in partnership with an affiliate of Congress Group, the existing operating partner of the selling venture, in August 2013, essentially replacing the existing capital partner who was in liquidation. The strategy was to redevelop the current industrial buildings as a creative Class A office and lease into the rapidly improving Metrowest submarket. Shortly after the partnership began the predevelopment, design and demolition required by the reposition, a user-buyer materialized that was willing to purchase the asset at a realization to the partnership that provided a much greater risk-reward proposition than that presented by the redevelopment. The partnership has successfully sold the asset.

Map
Crossroads1
Boston
Metrowest
Crossroads Center

Acquired August 2013

Newcastle

SubmarketRTP / I-40
MarketRaleigh / Durham
Square Footage86,000
Occupancy55%
Date AcquiredOctober 2012
Asset ManagerDaniel Doyon
PartnerGrubb Properties

Newcastle North and South were acquired, in partnership with an affiliate of Grubb Properties, 100% vacant from GlaxoSmithKline in October 2012. The original business plan was to perform a light renovation and reposition the properties for the third party leasing market. Since closing, Newcastle North has been leased in entirety and sold and leasing of Newcastle South has progressed beyond 50%.

Swabia_3a
Raleigh / Durham
RTP / I-40
Newcastle

Acquired October 2012

The Crossings

SubmarketWhippany
MarketNorthern New Jersey
Square Footage498,512
Occupancy48%
Date AcquiredOctober 2012
Asset ManagerStephen Card
PartnerVision Equities, LLC

Fund I, in partnership with an affiliate of Vision Equities, acquired this asset 45% leased in October 2012 in an off-market private negotiation with a global real estate investor seeking to liquidate the Property. The strategy was to reposition the former corporate headquarters to appeal to the third party leasing market by significantly upgrading the aesthetics and amenities of the campus and renovate the three main office buildings. The capital plan has been completed and marketing the vacancy to the third party leasing market has commenced with some leases already consummated.

Thecrossings_3
Northern New Jersey
Whippany
The Crossings

Acquired October 2012

Embassy Parkway Portfolio

SubmarketFairlawn
MarketCleveland
Square Footage460,869
Occupancy75%
Date AcquiredMay 2012
Asset ManagerBrandon Huffman
PartnerMunsell Realty Advisors

Fund I acquired this portfolio in May 2012 after the Fund Manager and an affiliate of Munsell Realty Advisors (the then borrower) reached agreement with the special servicer to execute a discounted payoff of ownership's defaulted notes. The original business plan was to perform minor cosmetic enhancements to several buildings and to aggressively pursue tenants to lease the remaining vacancy. The Fund Manager has been active selling various assets within the portfolio and leasing the remaining buildings to its current 75% level, up from 62% at closing.

Map
Fairlawn_1
Cleveland
Fairlawn
Embassy Parkway Portfolio

Acquired May 2012

1150 Northbrook

SubmarketTrevose
MarketPhiladelphia
Square Footage107,742
Occupancy97%
Date AcquiredMarch 2012
Asset ManagerStephen Card
PartnerN/A

Fund I acquired this asset in March 2012 in a private negotiation with the construction lender who had earlier foreclosed on the developer. The original strategy was to complete the fit-out for the anchor tenant, Gamesa, Inc., who had leased, but not yet occupied, the majority of the building, and lease up the remaining 8,000 sf. In addition, certain campus-wide condominium issues had to be resolved. The anchor tenant is in occupancy, the condominium issues have been resolved, and an additional 5,000 sf has been leased to date.

Map
1150northbrook_1
Philadelphia
Trevose
1150 Northbrook

Acquired March 2012

55 Walkers Brook Drive

Submarket128 North
MarketBoston
Square Footage138,121
Occupancy100%
Date AcquiredFebruary 2012
Asset ManagerDeke Schultze
PartnerNordblom Company

Fund I acquired this asset in February 2012, in partnership with an affiliate of the Nordblom Company, the existing operating partner, effectively replacing the capital partner who was believed to be motivated to sell due to fund life expiration concerns. The strategy is to further reposition the Property and lease up the vacancy available pursuant to a vacating anchor tenant lease, which was known to expire at the end of 2015, and lease into the rapidly improving Route 128 North submarket. Since closing, repositioning efforts have occurred and proactive leasing of the anchor tenant vacancy is underway.

Map
55walkersbrookdrive_1
Boston
128 North
55 Walkers Brook Drive

Acquired February 2012

Maryland Trade Center III

SubmarketGreenbelt
MarketWashington, DC
Square Footage196,202
Occupancy42%
Date AcquiredFebruary 2012
Asset ManagerCraig Zolot
PartnerTrammell Crow Company

In February 2012, in partnership with an affiliate of the Trammell Crow Company, Fund I acquired this 42% leased Property from the special servicer in a re-marketing process, after the asset had previously fallen out of contract. The Fund Manager was not believed to be the highest bid but provided the greatest certainty of closing. The business plan was to execute a renovation of the Property and then reintroduce the asset to the market, and lease-up the 120,000 sf of vacancy. The planned common area renovations have occurred, certain new leases have been consummated and a condo interest comprised of PNC Bank's free-standing net-leased building, upon which we recently completed a 7-year extension, is for sale.

Marylandtradecenter_1
Washington, DC
Greenbelt
Maryland Trade Center III

Acquired February 2012

Lee’s Hill II

SubmarketSpotsylvania County
MarketWashington, DC
Square Footage152,816
Occupancy86%
Date AcquiredMay 2011
Asset ManagerCraig Zolot
PartnerN/A

Fund I acquired Lee’s Hill II in May 2011 as a fee purchase from a special servicer in a joint venture with the previous owner/borrower, who maintained a strong relationship with the loan servicer prior to and after a deed in lieu of foreclosure in mid-2010. The original business plan was to execute a minor renovation of the Property and then reintroduce the renovated asset to the leasing market. Occupancy has been increased from 86% to 95%.

Map
Leeshill_1
Washington, DC
Spotsylvania County
Lee’s Hill II

Acquired May 2011

2900 Eisenhower

SubmarketAlexandria
MarketWashington, DC
Square Footage59,778
OccupancyN/A
Date AcquiredDecember 2010
Asset ManagerCraig Zolot
PartnerN/A

Fund I acquired 2900 Eisenhower in late December 2010 via a limited sales process from an owner-user. The two-phase business plan was to first reposition the asset through a renovation and then reintroduce the renovated asset to the marketplace followed by a lease up. Following the executed capital plan in October 2013, a full-building, triple-net lease with Stratford University, a private, for-profit higher educational institution, was consummated. The Fund subsequently closed on a sale of the Property in June 2014.

Map
2900eisenhower_1
Washington, DC
Alexandria
2900 Eisenhower

Acquired December 2010

Cleveland Flats East

SubmarketCBD
MarketCleveland
Square Footage476,000
OccupancyN/A
Date AcquiredDecember 2010
Asset ManagerBrandon Huffman
PartnerThe Wolstein Group

In December 2010, Fund I provided construction mezzanine financing for Phase I of Flats East, a $257 million mixed-use development (476,000 sf office, 155 key hotel and 31,000 sf retail) in Cleveland, OH. While the original plan was to finance the development for 5 years, an affiliate of the borrower purchased the note in 2012, resulting in well above projected returns.

Map
Clev1
Cleveland
CBD
Cleveland Flats East

Acquired December 2010

NASCAR Plaza

SubmarketCBD
MarketCharlotte
Square Footage393,730
OccupancyN/A
Date AcquiredDecember 2010
Asset ManagerDaniel Doyon
PartnerTrinity Capital Advisors

In partnership with an affiliate of Trinity Capital Advisors, NASCAR Plaza was acquired as part of a complicated note purchase from two banks and a simultaneous deed-in-lieu of foreclosure. The property was 39% occupied at the time and the business plan was simply to lease the remaining vacancy after a rebranding of the building and its new fully capitalized ownership. The majority of the vacancy was leased, in a large corporate relocation, as Chiquita's new international headquarters in Q3 2012. The Property was then sold in an off-market disposition in in December 2012.

Map
nascar_1
Charlotte
CBD
NASCAR Plaza

Acquired December 2010

Sterling Pointe

SubmarketCentral Perimeter
MarketAtlanta
Square Footage350,663
Occupancy54%
Date AcquiredFebruary 2007
Asset ManagerDavid Canaday
PartnerN/A

Fund I acquired Sterling Pointe in February 2007, as part of an 18 building, 3.5 million sf office portfolio. The original strategy was to immediately sell a portion of the portfolio, which included Sterling Pointe, to reduce debt on the remaining portfolio. Several assets were sold, although not Sterling Pointe, and intended debt was reduced. The Fund has operated Sterling Pointe effectively over the past seven years. A portion of the asset’s land was sold in August 2014. This is anticipated to result in the on-site addition of a limited service hotel, two restaurants, two retail pad sites and a parking deck. This mixed-use property conversion is expected to enhance both the leasing and investment profile of Sterling Pointe.

Sterlingpointe_3
Atlanta
Central Perimeter
Sterling Pointe

Acquired February 2007

Westview Corporate Center

SubmarketWestshore
MarketTampa
Square Footage576,000
OccupancyN/A
Date AcquiredOctober 2006
Asset ManagerEric Schiela
PartnerN/A

Westview Corporate Center is one of the development sites in Tampa Bay that Fund I acquired in 2006. The original plan to build spec and lease up was delayed after two nearby developers broke ground on speculative office developments. Following the downturn, the Fund is seeking build-to-suit opportunities to resume this project.

Map
Westview_1
Tampa
Westshore
Westview Corporate Center

Acquired October 2006

Contact Us

Overview

Rubenstein Partners

Cira Centre
2929 Arch Street, 28th Floor
Philadelphia, PA 19104-2868
T 215.399.4436
info@rubensteinpartners.com

Boston Metro

New England

Includes Boston

Deke Schultze
T 617.502.9496
email

D.C. Metro

Washington, DC

Includes Suburban Maryland, the District of Columbia, and Northern Virginia

Stephen Evans
T 202.864.4140
email

Florida

Florida

Includes Miami, Fort Lauderdale, Palm Beach, Tampa, and Orlando

Daniel Doyon
T 215.399.4620
email

Georgia

Atlanta

Includes Atlanta

David Canaday
T 404.965.1070
email

NJ | PA | DE

Mid-Atlantic

Includes Philadelphia and North, South, and Central New Jersey

Stephen Card
T 215.399.4624
email

New York Metro

New York

Includes New York City and Westchester and Fairfield Counties

Jeremiah Kane
T 215.399.4626
email

North Carolina

North Carolina

Includes Charlotte and Raleigh/Durham

Daniel Doyon
T 215.399.4620
email

Ohio

Midwest

Includes Cleveland, Cincinnati, and Indianapolis

Brandon Huffman
T 215.399.4720
email