One Congress Plaza and Frost Bank Tower

Austin, TX

Public Company Investments

Madison realizes that no two real estate transactions are alike and the capital needs of investors, owners and their partners vary from transaction to transaction. Madison specializes in custom equity solutions for a wide range of real estate financings. Madison has provided capital for the following special situations:

  • Acquisitions of common stock
  • Private investments in public entities (“pipes”)
  • JV equity for discrete properties and portfolios

Tishman Speyer Office Fund

Case Study

Madison provided liquidity to several hundred individual investors through off-market transactions aggregating a 26% ownership interest in the Tishman Speyer Office Fund. The Tishman Speyer Office Fund was a listed property company trading on the Australian Stock Exchange that owned interests in 16 core quality assets in major metro markets in the U.S., including New York’s 300 Park Avenue and One Bush Street in San Francisco. Due to dislocation in the Australian capital markets, the market price and liquidity for shares in the company significantly decreased, increasing investor’s demand for liquidity in advance of the company charter’s 2015 mandated liquidation. In 2012, the Tishman Speyer Office Fund was taken private through a structured recapitalization fully monetizing Madison’s position.

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Thomas Properties Group, Inc.

Case Study

Madison acquired a 17.8% ownership interest in Thomas Properties Group, Inc. (“TPGI”) in a privately negotiated, off-market transaction. TPGI is a publicly listed real estate company that owns and manages 20 Class A office assets nationwide, primarily via joint venture structures with institutional partners. TPGI’s core quality assets are located in Los Angeles, Houston, Austin and Philadelphia and include iconic assets such as the City National Bank Plaza in Los Angeles and Frost Bank Tower in Austin. Due to TPGI’s highly complicated balance sheet, smaller overall size and wide geographic focus, conventional public company investors were not actively acquiring the stock of the company, which resulted in low liquidity for the shares as well as a depressed stock price. Madison arranged the private investment in 2012 to provide the Company with balance sheet liquidity in order to have equity available to acquire additional interests in its existing assets as well as to complete strategic acquisitions. Madison is also represented on the Company’s Board of Directors.

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Songbird Estates

Case Study

Madison acquired shares of in Songbird Estates plc, a publicly listed company traded on the AIM, a submarket of the London Stock Exchange. Songbird owns a 69.4% interest in Canary Wharf Group plc, which owns 20 Class A office and retail properties comprising 7.0 million sf primarily in the Canary Wharf submarket in London. Songbird was formed in 2004, raising £1.7 billion from a fractionalized shareholder base to acquire Canary Wharf Group plc.

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