TPG, CalSTRS Buy Texas Office Buildings For $859M

Law360, New York (September 19, 2012, 5:30 PM EDT) -- California real estate company Thomas Properties Group Inc. has partnered with the California State Teachers' Retirement System to acquire an office building portfolio in Texas from a Lehman Brothers Holdings Inc.-led venture for $859 million, Thomas Properties said Wednesday.

The portfolio includes eight office buildings in downtown and suburban Austin with roughly 3 million feet of combined gross leasable space. Thomas Properties and CalSTRS formed a 50-50 joint venture to own the Austin portfolio, known as TPG/CalSTRS Austin LLC.

The Los Angeles-based property owner and CalSTRS,...
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