Thomas Properties Group

Thomas Properties Group was a real estate investment trust based in City National Plaza in Los Angeles, California.

Thomas Properties Group
IndustryReal estate investment trust
FateAcquired by Parkway Properties
SuccessorParkway Properties, Inc.
Founded1996 (1996)
FounderJames A. Thomas
DefunctDecember 20, 2013 (2013-12-20)
Headquarters
Los Angeles, California
,
United States
Area served
California, Pennsylvania, Virginia, and Texas
Key people
James A. Thomas (Founder Chairman, President, & CEO)

On December 20, 2013, Thomas Properties was acquired by Parkway Properties.

History

Thomas Properties Group was founded in 1996 by James A. Thomas, and incorporated on March 9, 2004.

On March 9, 2004, it became a public company via an initial public offering.[1]

In August 2005, the company entered the Houston, Texas market with the acquisition of 2.5 million square feet of office space from EQ Office in a joint venture with CalSTRS.[2] The joint venture was liquidated in October 2013.[3]

On July 1, 2007, Lehman Brothers and CalSTRS partnered with Thomas Properties to buy several properties in Austin, Texas that The Blackstone Group had acquired as part of its acquisition of EQ Office. In 2012, the company, in partnership with CalSTRs, acquired Lehman Brothers's interest in the joint venture.[4][5]

On December 20, 2013, Thomas Properties Group was acquired by Parkway Properties for $1.2 billion.[6]

Awards

In 2008, the company received the California Sustainability Alliance's Sustainability Showcase Award.[7] Thomas Properties Group was recognized for leadership in greening real estate and in integrating sustainable design and operations into all aspects of its products, services and investments.[8]

References
  1. "Thomas Properties Group Inc (TPGI) IPO". NASDAQ.
  2. "Thomas Properties Group Enters Houston Market with Acquisition of 2.5 Million Square Feet of Suburban Office Properties from Equity Office; Acquisitions Add to Company's Texas Presence" (Press release). Business Wire. August 4, 2005.
  3. "Thomas Properties Group Announces Closing of the Liquidation of TPG/CalSTRS Joint Venture" (Press release). Business Wire. October 1, 2013.
  4. "Thomas Properties Group Announces Acquisition of Austin Office Portfolio" (Press release). Business Wire. September 19, 2012.
  5. Drake, Sarah (September 19, 2012). "Lehman's Austin portfolio acquired for $859M". American City Business Journals.
  6. "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion" (Press release). PR Newswire. December 20, 2013.
  7. California Sustainability Alliance, Sustainability Showcase Awards, Retrieved July 24th, 2010
  8. California Sustainability Alliance, Thomas Properties Group, Retrieved July 24th, 2010
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