Thomas Properties Group Inc. said Tuesday it has completed the liquidation of a joint venture with the California State Teachers' Retirement System.
In the deal first announced in July, Thomas Properties acquired Calstrs’ 75 percent interest in both San Felipe Plaza and CityWestPlace in Houston, about 2.5 million square feet of Class A office space. Calstrs acquired all of the joint venture’s interest in downtown L.A.’s City National Plaza. They will continue to be partners in another deal that owns commercial property in Austin.
The publicly held commercial real estate company led by Jim Thomas last month agreed to merge with Parkway Properties Inc. of Orlando, Fla. in an all-stock transaction valued at $1.2 billion. As part of the deal, Thomas Properties was able to borrow $80 million from a Parkway affiliate to fund part of its joint venture liquidation costs.
Thomas, who is Thomas Properties chief executive and chairman, noted that the joint venture acquired and repositioned 23 properties over its 10-year run.
“The liquidation of TPG/ Calstrs represents the culmination of a very successful partnership,” Thomas said in a statement.