Fund II Acquires Interstate North Office Park in Cumberland/Galleria, Atlanta

In March 2016, we acquired Interstate North Office Park, an eleven building (982,000 sf) office park located in Cumberland/Galleria, Atlanta.  Our strategy is to implement a capital improvement plan focused on improving the exterior facades and main lobbies.

Fund II Acquires Warren Corporate Center in Warren, NJ

In March 2016, we acquired Warren Corporate Center, a five building (832,000 sf) office campus located in Warren, NJ.  Our strategy is to implement a capital improvement plan focused on improving campus-wide amenities.

Fund II Acquires 25 Kent Avenue in Williamsburg Brooklyn

In December 2015, we acquired 25 Kent Avenue, a land parcel located in the dynamic, mixed-use submarket of Williamsburg Brooklyn.  Our strategy is to develop a 480,000 sf building with office, light manufacturing/maker space and retail uses.

Fund II Acquires Carlyle Tower in Alexandria, VA

In September 2015, we acquired Carlyle Tower located at 2461 Eisenhower Avenue in the Carlyle submarket of Alexandria.  Our strategy is to complete the full renovation of the office building, which is currently “gutted” and in shell condition, as well as upgrade the existing retail.

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, a $515 million private equity fund that is in its investment period — as well as some legacy assets related to the firm’s predecessor company.

History

Rubenstein Partners was founded in 2005 after the predecessor company was disposed of 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 complex office real estate investments, including assets requiring major redevelopment or 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 complex investments that enable us to utilize our in-house expertise to mitigate real estate risk while simultaneously maintaining the outsized returns associated with such complex transactions, resulting in the attractive risk/return proposition we offer to our investors.  These outsized risk-adjusted returns are a result of our ability to create alpha through a combination of creative acquisitions, “hands-on” asset management, entrepreneurial repositionings and timely dispositions.

Our depth enables us to directly operate properties acquired by our private equity funds; however, we typically joint venture with local operating partners 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 $515 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 has $515 million in commitments from 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

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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.

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Bruce Balderson
General Counsel
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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 @ Jefferson Park, 30 Montgomery, One Washington Square, 211 Mount Airy Road and 67 Whippany.

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.

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Stephen Card
Regional Director of Mid-Atlantic
Devon Cheshire

Devon Cheshire

Vice President of Development & Construction

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, The Center at Innovation Drive, 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.

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Devon Cheshire
Devon Cheshire
Vice President of Development & Construction
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Michael Daugard

Vice President of Washington, DC

Mike is responsible for sourcing, evaluating, and executing new investments in the greater Washington, DC area.  Additionally, he is responsible for the asset management of properties in these markets.  Mike joined Rubenstein Partners in October 2015.

Prior to joining Rubenstein Partners, Mike spent the majority of his career at Washington Real Estate Investment Trust, most recently as Director of Acquisitions and Portfolio Management. During his tenure, he was responsible for sourcing acquisitions, in addition to disposition and portfolio management related activities.  He has also held previous investment sales and acquisition roles at JLL, Lowe Enterprises, The Mills Corporation, and Van Metre Companies.

Mike graduated from the University of Maryland at College Park in 1999 with a Bachelor of Science in Finance and later served as an adjunct professor for six years.

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Michael Daugard
Vice President of Washington, DC
Salvatore Dragone

Salvatore Dragone

Director of Property Management

Salvatore Dragone oversees the management and operations of all Fund’s 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, creating value through operations 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 BOMA Philadelphia and has served on Board of Directors of Habitat for Humanity in Burlington County, NJ, as both a member and Vice President and on the Board of Families in Crises Foundation.

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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.

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Stephen Evans
Stephen Evans
Regional Director of Washington, DC
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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, 67 Whippany, Crossroads Center, Centerpoint, Cleveland Flats East, Westview Corporate Center, 211 Mount Airy Road and The Crossings @ Jefferson Park.

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.

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Rick Furches
Director of Development
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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, Maryland Trade Center III, Embassy Parkway Portfolio, 312 Elm Street and 312 Plum Street. 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 with a Bachelor of Science in Commerce with a concentration in Finance and a Bachelor of Arts in Spanish.

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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.

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Jeremiah Kane
Jeremiah Kane
Regional Director of New York City
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Jeffrey 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.

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Jeffrey Kusumi
Chief Compliance Officer
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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).

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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.

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Mark Rubenstein
Mark Rubenstein
Special Senior Advisor
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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 67 Whippany, including the sale and redevelopment of a portion of the campus to Bayer Healthcare and the 185,000 sf MetLife build-to-suit on the southern portion 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.

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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 The Center at Innovation Drive, 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.

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Deke Schultze
Deke Schultze
Regional Director of New England
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Taylor Smith

Regional Director of Southeast

Taylor is responsible for sourcing, evaluating, and executing new investments in the Southeast.  Additionally, he is responsible for the asset management of existing properties in these markets.  Taylor joined Rubenstein Partners in September 2015.

Prior to joining Rubenstein Partners, Taylor worked at Tishman Speyer for 8 years where he was focused on acquisitions, development and asset management responsibilities in the firm’s Atlanta office.  From 2005 to 2007, he worked at HFF, where he closed over $2.3 billion in 19 real estate transactions.  Taylor began his career in investment banking first with Deutsche Bank Securities, as part of their corporate finance health care group and later with a boutique investment bank, ThinkEquity Partners.

Taylor graduated from Princeton University in 2001 with a Bachelor of Arts.

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Taylor Smith
Regional Director of Southeast
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Mark Turner

Associate General Counsel

Mark participates, from the legal perspective, in the firm’s investment activities.  Mark joined Rubenstein Partners in November 2015.

Prior to joining Rubenstein Partners, Mark was an attorney at Dechert LLP in Philadelphia where he focused on real estate finance and investing.  Prior to Dechert, Mark was an attorney at Paul Hastings in San Francisco.

Mark graduated from Yale University in 2006 with a Bachelor of Arts and received his Juris Doctor degree from University of California, Berkeley – School of Law in 2010.

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Mark Turner
Associate General Counsel
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Scott Whittle

Director of Finance

Scott is responsible for working with lending institutions and similar capital providers, procuring new debt at both the property and fund level and managing debt across the portfolio in each fund.  Scott joined Rubenstein Partners in July 2015.

Prior to joining Rubenstein Partners, Scott worked at KTR Capital Partners, where he was responsible for debt originations, debt portfolio management and cash management of the funds; the debt portfolio reached over $3.0 billion in total commitments and included portfolio financings, subscription facilities, fund level unsecured debt, build-to-suit and other construction loans as well as CMBS loan assumptions.  From 2006 to 2011, he worked at LBC Credit Partners, a private equity firm focused on lending to middle market companies across the United States.  In 2004, Scott began his career at Duff & Phelps, where he was focused on business valuation financial advisory.

Scott graduated from University of Maryland in 2004 with a Bachelor of Science.

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Scott Whittle
Director of Finance
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.

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Craig Zolot
Craig Zolot
Director of Asset Management

Our platform combines a vertically integrated skillset with discretionary capital

Properties

25 Kent Avenue

We acquired this land parcel located in the dynamic, mixed-use submarket of Williamsburg Brooklyn in December 2015. We plan to develop a 480,000 sf building with office, light manufacturing/maker space and retail uses.

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. We then sold the Property in February 2015, just 15 months after acquiring the asset fully-vacant.

312 Elm Street

SubmarketCBD
Square Footage378,786
Occupancy85%
PartnerStrategic Capital Partners & Parkway Corporation
MarketCincinnati
Date AcquiredFebruary 2015
Asset ManagerBrandon Huffman

In February 2015, Fund II, in partnership with affiliates of Strategic Capital Partners and Parkway Corporation, acquired 312 Elm Street located in downtown Cincinnati. The strategy is to aesthetically modernize the Property and simultaneously lease the remaining vacancy. The lobby renovations have commenced and the partnership is actively marketing the vacancy to prospective tenants.

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Elm 3
Cincinnati
CBD
312 Elm Street

Acquired February 2015

Centerpoint

Submarket128 Central
Square Footage499,869
Occupancy86%
PartnerSaracen Properties
MarketBoston
Date AcquiredFebruary 2013
Asset ManagerDeke Schultze

In February 2013, Fund II acquired Centerpoint in partnership with an affiliate of Saracen Properties, the existing operating partner of the selling venture, essentially replacing the existing capital partner. Post-closing, the partnership completed a significant renovation, which included vacant suite improvements and an exterior grounds master plan, and has leased a majority of the vacancy.

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Centerpoint 2
Boston
128 Central
Centerpoint

Acquired February 2013

Warren Corporate Center

SubmarketRoute 78 East
Square Footage832,000 RSF
Occupancy82%
PartnerVision Real Estate Partners
MarketNorthern New Jersey
Date AcquiredMarch 2016
Asset ManagerStephen Card

In March 2016, Fund II, in partnership with an affiliate of Vision Real Estate Partners, acquired Warren Corporate Center, a five building (832,000 sf) office campus located in Warren, NJ. The strategy is to implement a capital improvement plan focused on improving campus-wide amenities and subsequently reintroduce the Property to the market through an aggressive marketing campaign that will target corporate headquarter and large block users.

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Warren 1
Northern New Jersey
Route 78 East
Warren Corporate Center

Acquired March 2016

Centerstone at Tysons

SubmarketTysons, VA
Square Footage150,515
Occupancy100%
PartnerGriffith Properties
MarketDC Metro
Date AcquiredJuly 2015
Asset ManagerStephen Evans

In July 2015, Fund II, in partnership with an affiliate of Griffith Properties, acquired Centerstone at Tysons in a privately negotiated, all-cash transaction. The strategy is centered upon implementing base-building improvements and reintroducing the Property to the market through an aggressive marketing campaign that will target corporate headquarter and large block users who wish to be located within the transforming, amenity-rich Tysons submarket and in close proximity to the Metro. The partnership has secured third-party financing and commenced rebranding and renovation efforts.

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Centerstone 2
DC Metro
Tysons, VA
Centerstone at Tysons

Acquired July 2015

Interstate North Office Park

SubmarketCumberland / Galleria
Square Footage985,490
Occupancy60%
PartnerN/A
MarketAtlanta
Date AcquiredMarch 2016
Asset ManagerTaylor Smith

In March 2016, Fund II acquired Interstate North Office Park, an eleven building (982,000 sf) office park located in Cumberland/Galleria, Atlanta. The strategy is to implement a capital improvement plan focused on improving the exterior facades and main lobbies and subsequently reintroduce the Property to the market through an aggressive marketing campaign.

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INOP 1
Atlanta
Cumberland / Galleria
Interstate North Office Park

Acquired March 2016

The Center at Innovation Drive

Submarket495 North
Square Footage703,944
Occupancy35%
PartnerN/A
MarketBoston
Date AcquiredAugust 2014
Asset ManagerDeke Schultze

In August 2014, Fund II acquired the Property from a joint venture that was no longer active and in the process of liquidating its portfolio. The strategy is to reposition the outmoded office/flex buildings to create differentiated, collaborative office space and significantly upgrade the aesthetics and amenities of the campus. Construction and rebranding efforts (including a new name) have commenced and the partnership is actively marketing the vacancy to prospective tenants.

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CID 1
Boston
495 North
The Center at Innovation Drive

Acquired August 2014

1000 Washington

SubmarketSouth End
Square Footage239,580
Occupancy91%
PartnerNordblom Company
MarketBoston
Date AcquiredDecember 2014
Asset ManagerDeke Schultze

In December 2014, Fund II acquired 1000 Washington in partnership with an affiliate of Nordblom Company, the existing operating partner of the selling venture, essentially replacing the existing capital partner. The strategy is to execute various value-added projects to enhance the Property’s market positioning and capitalize on the asset’s rapidly improving and transforming mixed-use urban neighborhood.

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1000 Washington 1
Boston
South End
1000 Washington

Acquired December 2014

312 Plum Street

SubmarketCBD
Square Footage230,512
Occupancy85%
PartnerStrategic Capital Partners & Parkway Corporation
MarketCincinnati
Date AcquiredFebruary 2015
Asset ManagerBrandon Huffman

In February 2015, Fund II, in partnership with affiliates of Strategic Capital Partners and Parkway Corporation, acquired 312 Plum Street located in downtown Cincinnati. The strategy is to aesthetically modernize the Property and simultaneously lease the remaining vacancy. The lobby renovations and elevator modifications have commenced and the partnership is actively marketing the vacancy to prospective tenants.

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Plum 1
Cincinnati
CBD
312 Plum Street

Acquired February 2015

Crossroads Center

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

In August 2013, Fund II acquired Crossroads Center in partnership with an affiliate of Congress Group, the existing operating partner of the selling venture, essentially replacing the existing capital partner. The original strategy was to redevelop the existing industrial buildings into creative, Class A office and subsequently lease into the rapidly improving Metrowest submarket. However, shortly after commencing the business plan, a user-buyer materialized and purchased the predevelopment, which was considered to realize a much superior risk-return opportunity than presented by the redevelopment. The Property was sold in August 2014.

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Crossroads 1
Boston
Metrowest
Crossroads Center

Acquired August 2013

NASCAR Plaza

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

In December 2010, Fund I, in partnership with an affiliate of Trinity Capital Advisors, acquired NASCAR Plaza via a note purchase from two banks and fee purchase from the borrower. Post-closing, the partnership cleaned up the ownership structure by executing a self-foreclosure, reintroduced the Property to the market and increased occupancy from 39% to 88%, largely as a result of Chiquita relocating its international headquarters to the Property in Q3 2012. The Property was subsequently sold in an off-market disposition in December 2012.

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Nascar 1
Charlotte
CBD
NASCAR Plaza

Acquired December 2010

Cleveland Flats East

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

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) located in Cleveland. While the original plan was to finance the development for 5 years, an affiliate of the borrower purchased the note in 2012, which was considered to realize a much superior risk-return opportunity than holding to term.

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Cleveland Flats East 1
Cleveland
CBD
Cleveland Flats East

Acquired December 2010

Sterling Pointe

SubmarketCentral Perimeter
Square Footage350,663
OccupancyN/A
PartnerN/A
MarketAtlanta
Date AcquiredFebruary 2007
Asset ManagerTaylor Smith

In February 2007, Fund I acquired Sterling Pointe as part of an 18 building, 3.5 million sf office portfolio located in Central Perimeter Atlanta. In August 2014, a portion of the asset’s land was re-zoned and sold for development of a limited service hotel, two restaurants, two retail pad sites and a parking deck. During the hold period, occupancy increased from 54% to 80%, largely as a result of Mercedes Benz selecting the Property as its headquarters as it transitioned its operations to Atlanta. The Property was subsequently sold in August 2015.

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Sterling 2
Atlanta
Central Perimeter
Sterling Pointe

Acquired February 2007

Newcastle

SubmarketRTP / I-40
Square Footage193,930
OccupancyN/A
PartnerGrubb Properties
MarketRaleigh / Durham
Date AcquiredSeptember 2012
Asset ManagerTaylor Smith

In September 2012, Fund I, in partnership with an affiliate of Grubb Properties, acquired Newcastle North and South, two fully-vacant buildings, from its corporate owner, GlaxoSmithKline. Post-closing, the partnership consummated a full-building, triple-net lease for Newcastle North and the asset was subsequently sold in February 2014. Then, during the second half of 2014, the partnership consummated a full-building, triple-net lease with Nimble Storage for Newcastle South and the asset was subsequently sold in May 2015.

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Newcastle 6
Raleigh / Durham
RTP / I-40
Newcastle

Acquired September 2012

The Crossings @ Jefferson Park

SubmarketFlorham Park
Square Footage498,512
Occupancy56%
PartnerVision Real Estate Partners
MarketNorthern New Jersey
Date AcquiredOctober 2012
Asset ManagerStephen Card

In October 2012, Fund I, in partnership with an affiliate of Vision Real Estate Partners, acquired The Crossings @ Jefferson Park in an off-market private negotiation from a global real estate investor seeking to liquidate the Property. Post-closing, the partnership completed an extensive capital plan, which included significant upgrades to the aesthetics and amenities of the campus and renovation of the three main office buildings, and is now actively marketing the remaining vacancy to prospective tenants.

Crossings 1
Northern New Jersey
Florham Park
The Crossings @ Jefferson Park

Acquired October 2012

Embassy Parkway Portfolio

SubmarketFairlawn
Square Footage523,543
OccupancyN/A
PartnerNew FREA
MarketCleveland
Date AcquiredMay 2012
Asset ManagerBrandon Huffman

In May 2012, Fund I, in partnership with New FREA, acquired Embassy Parkway Portfolio after reaching agreement with the special servicer to execute a discounted payoff of ownership's defaulted notes. Post-closing, the partnership sold two of the assets to building users, performed cosmetic enhancements throughout the campus and increased overall occupancy from 62% to 80%. The remaining eight buildings were sold in two transactions in January 2016 and February 2016.

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Embassy 1
Cleveland
Fairlawn
Embassy Parkway Portfolio

Acquired May 2012

1150 Northbrook

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

In March 2012, Fund I acquired 1150 Northbrook, a newly developed building in a private negotiation with the construction lender who had earlier foreclosed on the developer. Post-closing, the fit-out for Gamesa, Inc., the anchor tenant who had leased, but had not yet occupied a majority of the building, was completed. Throughout the hold period, occupancy has increased from 93% to 97%.

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1150 Northbrook Drive, Trevose, PA; 01.04.16
Philadelphia
Trevose
1150 Northbrook

Acquired March 2012

Princeton South Corp. Center

SubmarketEwing
Square Footage267,369
OccupancyN/A
PartnerN/A
MarketCentral New Jersey
Date AcquiredJuly 2011
Asset ManagerCraig Zolot

In July 2011, Fund I acquired Princeton South Corporate Center, a newly developed building at a Sherriff’s Sale; Fund I was the only bidder as it had privately negotiated a purchase price with the lender. Post-closing, third-party financing was secured (closing was all-cash) and occupancy increased from 59% to 84%. The Property was sold in March 2015.

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SONY DSC
Central New Jersey
Ewing
Princeton South Corp. Center

Acquired July 2011

55 Walkers Brook Drive

Submarket128 North
Square Footage138,121
Occupancy36%
PartnerNordblom Company
MarketBoston
Date AcquiredFebruary 2012
Asset ManagerDeke Schultze

In February 2012, Fund I acquired 55 Walkers Brook Drive in partnership with an affiliate of the Nordblom Company, the existing operating partner of the selling venture, essentially replacing the existing capital partner. Post-closing, the partnership completed an extensive renovation, which included upgrades to the common areas, systems and exterior landscape. The partnership is actively marketing the remaining vacancy to prospective tenants.

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55 WB 1
Boston
128 North
55 Walkers Brook Drive

Acquired February 2012

Maryland Trade Center III

SubmarketGreenbelt, MD
Square Footage191,837
Occupancy50%
PartnerTrammell Crow Company
MarketDC Metro
Date AcquiredFebruary 2012
Asset ManagerCraig Zolot

In February 2012, Fund I, in partnership with an affiliate of the Trammell Crow Company, acquired Maryland Trade Center from a special servicer in a re-marketing process after the asset had previously fallen out of contract. Post-closing, the partnership completed common area renovations and has consummated a number of new leases. In April 2015, after completing a 7-year extension with PNC Bank, the partnership sold a condo interest comprised of the bank branch out-parcel to a net-lease buyer. The partnership is actively marketing the remaining vacancy to prospective tenants.

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MTC 1
DC Metro
Greenbelt, MD
Maryland Trade Center III

Acquired February 2012

Lee’s Hill II

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

In May 2011, Fund I acquired Lee’s Hill II as a fee purchase from a special servicer in partnership with the previous owner/borrower, who had maintained a strong relationship with the loan servicer prior to, and after, a deed-in-lieu of foreclosure in mid-2010. Post-closing, minor renovations were completed, the Property was reintroduced to the market and occupancy increased from 63% to 99%. The Property was sold in April 2015.

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Lee's Hill 1
Washington, DC
Spotsylvania County
Lee’s Hill II

Acquired May 2011

2900 Eisenhower

SubmarketAlexandria, VA
Square Footage59,778
OccupancyN/A
PartnerN/A
MarketDC Metro
Date AcquiredDecember 2010
Asset ManagerCraig Zolot

In December 2010, Fund I acquired 2900 Eisenhower via a limited sales process from an owner-user. Post-closing, Fund I completed a renovation of the Property and in October 2013, consummated a full-building, triple-net lease with Stratford University, a private, for-profit higher educational institution. The Property was subsequently sold in June 2014.

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2900 Eisenhower 1
DC Metro
Alexandria, VA
2900 Eisenhower

Acquired December 2010

Westview Corporate Center

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

In October 2006, Fund I acquired Westview Corporate Center, a development site located in Tampa Bay. The original strategy to build spec and lease-up was delayed after competitive developers broke ground on speculative office developments. Fund I is currently seeking build-to-suit opportunities.

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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

Taylor Smith
T 404.566.5904
email

Georgia

Atlanta

Includes Atlanta

Taylor Smith
T 404.566.5904
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 212.542.5826
email

North Carolina

North Carolina

Includes Charlotte and Raleigh/Durham

Taylor Smith
T 404.566.5904
email

Ohio

Midwest

Includes Cleveland, Cincinnati, and Indianapolis

Brandon Huffman
T 215.399.4720
email