Rockefeller Group International and CommonWealth Partners announced today the formation of a new real estate investment management partnership. The new relationship teams the investment management expertise and track record of CommonWealth Partners (CWP) with the extensive resources of The Rockefeller Group (RGI), significantly expanding CWP's operational platform nationally.
CommonWealth Partners is a Los Angeles-based real estate investment management and development firm and is one of the California Public Employees' Retirement System's (CalPERS) core office investment partners, with approximately $1.5 billion under management. The Rockefeller Group is a New York-based corporation concentrated in real estate ownership, development, management and services, as well as voice and data communications.
The venture provides CWP with significant capital resources that it plans to use to acquire and develop large-scale office and mixed-use projects across the country on behalf of institutional investors such as CalPERS, among others. CommonWealth Partners will continue to operate independently, retaining day-to-day control of its investment management, operations and development businesses. RGI will provide the partnership with the capital, strategic input and access to additional real estate-related resources in order to expand CWP's reach nationally. The new venture provides CWP with the combined resources to support an investment portfolio in excess of $3 billion. Among the strengths of the new venture cited by the principals of the two concerns were the common development histories and corporate cultures as well as their complementary expertise. With a strong national presence as an owner and developer of prestigious commercial real estate, RGI brings CWP added access to east coast markets.
Michael Croft, Chief Executive Officer, and Brett Munger, Chief Operating Officer of CWP, stress the ability to grow the company with a partner that shares CWP's high standards. "All of us at CWP are excited about the new partnership and believe it will enable us to grow our investment management business and better serve our investment clients. The commonality of our corporate cultures provides a sound foundation for the venture and is critical to our future success as investment managers."
"For The Rockefeller Group," said Jonathan D. Green, President and Chief Executive Officer of RGI, "the new venture is a natural extension of our existing real estate business. It provides RGI the ability to expand its portfolio by investing in a greater number of real estate assets with some of the nation's leading institutional investors." Green added, "Our corporate culture at RGI is very similar to that of CWP. We both place paramount importance upon integrity and our performance standards."
The Rockefeller Group is a leading owner and developer of commercial real estate properties.
CommonWealth Partners is a fully integrated private real estate investment, development, management and operating company.