Value Creation in Core Markets
We established our first discretionary comingled investment fund, Fund I, in 2005. It represented a new chapter in a story that stretches back to 1968, when the company was created. Remarkably, the same innovative leadership that identified core markets in the western U.S. as rich with potential remain with us today. Our investment funds were developed with the depth of knowledge that comes with 45 years of engagement in our core markets. Fund II closed in 2006, and Fund III in 2008.
Investment Experience by the Numbers
Since our inception, Legacy Partners Commercial has acquired and developed 379 real estate assets comprising over 68 million square feet of office and industrial space exceeding $8.7 billion in cost. Over the same time period, we sold over 54 million square feet of office and industrial space exceeding $5.4 billion in cost. We currently manage a portfolio valued at over $2.7B.
Prior to establishing the Funds, the majority of our investments were financed via joint ventures with well-known, well-capitalized financial institutions, life insurance companies, real estate companies and real estate opportunity funds. These have included AIG, AMB Property Corporation, Credit Suisse, Goldman Sachs’ Whitehall Funds, ING, JPMorgan Investment Management, Metropolitan Life, Principal Financial Group, Prudential Investment Management Co. and UBS.
Our current investors include public and corporate pension plans, endowments, financial institutions and family offices.