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Thursday, Jun 8, 2023

Thomas Properties Veterans Form New Firm

Three former senior executives at recently acquired Thomas Properties Group Inc. have formed Coretrust Capital Partners, an investment management firm with dual headquarters in Los Angeles and Philadelphia.

Thomas Ricci, Randall Scott and John Sischo, former Thomas executives, on Wednesday said they founded the firm with Charles Toppino, founder & president of Century City’s Oak Pass Capital. Toppino will continue in his current role at Oak Pass.

Coretrust will provide investment services and active asset management to institutional clients. A Coretrust affiliate is in the process of acquiring a portfolio in the mid-Atlantic region with a fund partner, the company said.

Thomas Properties was acquired by Parkway Properties Inc. in December. Ricci had been in charge of the redevelopment of City National Plaza in downtown Los Angeles and Commerce Square in Philadelphia; Scott had directed asset management and customer relations programs; Sischo was Thomas’ co-chief operating officer.

“We are excited about launching a new private real estate company right now because we believe it is a great time to acquire core-plus and value-add office properties in strong submarkets in the West Coast, Southwest and Mid-Atlantic regions,” Sischo said in a statement. “Having worked closely together for 16 years we are able to hit the ground running.”

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