Thomas Properties Group, Inc. (NASDAQ: TPGI) today announced that it has closed on the sale of a 14-acre parcel of land located adjacent to CityWestPlace in Houston, Texas. The site is the planned future location of the global headquarters of Phillips 66 (NYSE:PSX). The property was owned by TPG/CalSTRS, LLC, a joint venture between Thomas Properties Group and The California State Teachers' Retirement System, which also owns CityWestPlace.
"The sale of this site is another major step in executing our strategy which includes selling non-core properties and land that we do not intend to develop in the near term,” said Jim Thomas, Chairman and CEO. “It sets the stage for the value-enhancing development of a headquarters building that will be a welcome addition to the vibrant business environment of CityWestPlace."
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.
About The California State Teachers’ Retirement System
The California State Teachers’ Retirement System, with a portfolio valued at $155 billion as of October 31, 2012, is the largest teacher pension fund and second largest public pension fund in the United States. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans, as well as disability and survivor benefits. CalSTRS serves California's 856,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.
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, 2011 and our subsequent Form 10-Q quarterly reports, each of 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.
Diana Laing, Chief Financial Officer
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