Thomas Properties Group Announces Sale of Suburban Austin Properties
LOS ANGELES--(BUSINESS WIRE)-- Thomas Properties Group, Inc. (NAS: TPGI) today announced that its affiliate, TPG/CalSTRS Austin, LLC, has completed the sale of three office properties containing a total of 517,974 rentable square feet in suburban northwest Austin, Texas. The properties are Westech 360, Park Centre and Great Hills Plaza, all of which were unencumbered by debt. The sales price for the properties was $76.0 million, which after closing adjustments and prorations, resulted in net proceeds to TPG/CalSTRS Austin, LLC of $73.0 million. Thomas Properties Group's share of the net proceeds is $24.3 million.
James A. Thomas, Chairman and CEO noted, "The closing of this transaction is the culmination of our original plan for the 10 building Austin portfolio, which included our disposition of the suburban properties, allowing us to concentrate on the ownership and operation of the five Class A high rise buildings in downtown Austin. This sale is also a further step in completing our corporate strategic plan of generating cash from the sale of non-core operating assets that have achieved their maximum value in our portfolio for reinvestment in first class office buildings that generate recurring cash flow, with our focus on markets in western US cities."
About Thomas Properties Group
Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit www.tpgre.com.
Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services (including interest rates), the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2012, which is filed with the Securities and Exchange Commission. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor relations contact:
Thomas Properties Group
Diana Laing, Chief Financial Officer
KEYWORDS: United States North America California Texas
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