Thomas Properties Group was a

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

based in

City National Plaza City National Plaza is a twin tower skyscraper complex on South Flower Street in western Downtown Los Angeles, California, United States. It was originally named ARCO Plaza upon opening in 1972. History Richfield Tower The present complex is ...

Los Angeles, California Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

. On December 20, 2013, Thomas Properties was acquired by

Parkway Properties Parkway Properties, Inc. was a real estate investment trust that invested in office buildings in the Sun Belt. In 2016, the company was acquired by Cousins Properties. Notable properties owned by the company included Liberty Place, Phoenix To ...

History

Thomas Properties Group was founded in 1996 by James A. Thomas, and incorporated on March 9, 2004. On March 9, 2004, it became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In August 2005, the company entered the

Houston, Texas Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...

market with the acquisition of 2.5 million square feet of office space from EQ Office in a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

with

CalSTRS The California State Teachers' Retirement System (CalSTRS) provides retirement, disability, and survivor benefits for California's 965,000 prekindergarten through community college educators and their families. CalSTRS was established by law in ...

. The joint venture was liquidated in October 2013. On July 1, 2007,

Lehman Brothers Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...

and

partnered with Thomas Properties to buy several properties in

Austin, Texas Austin ( ) is the List of capitals in the United States, capital city of the U.S. state of Texas. It is the county seat and most populous city of Travis County, Texas, Travis County, with portions extending into Hays County, Texas, Hays and W ...

that

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson, Peter Peterson and Stephen A. Schwarzman, Stephen Schwarzman, who h ...

had acquired as part of its acquisition of EQ Office. In 2012, the company, in partnership with CalSTRs, acquired Lehman Brothers's interest in the joint venture. On December 20, 2013, Thomas Properties Group was acquired by

for $1.2 billion.

Awards

In 2008, the company received the California Sustainability Alliance's Sustainability Showcase Award. Thomas Properties Group was recognized for leadership in greening real estate and in integrating

sustainable design Environmentally sustainable design (also called environmentally conscious design, eco-design, etc.) is the philosophy of designing physical objects, the built environment, and services to comply with the principles of ecological sustainability ...

and operations into all aspects of its products, services and investments.California Sustainability Alliance, Thomas Properties Group
Retrieved July 24th, 2010

References

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External links

Home Staging
1996 establishments in California Financial services companies established in 1996 Defunct real estate companies of the United States Financial services companies disestablished in 2013