Thomas Property Group Portfolio

Thomas Property Group Portfolio

Austin, TX

Frost Bank Tower

Thomas Properties Group

Property Summary

Type: Class A Office
Office Location: Various U.S. Locations
Size: 20 Properties (10,966,633 square feet)

Acquisition Summary

Capital Invested: $55 million
Ownership Interest Acquired: 17.8%(1)

Transaction Summary

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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