Shorenstein's Development Efforts at Champion Point Position Property for Silicon Valley Business Journal's Structure Award for "Reuse / Rehab Project"

SAN FRANCISCO, Sept. 11, 2018 /PRNewswire/ -- Shorenstein Properties LLC ("Shorenstein" or the "Company"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced that Champion Point, a 435,000 square foot four-building office and R&D campus located in San Jose, California, was chosen as a winner for "Reuse / Rehab Project" by the Silicon Valley Business Journal in connection with its annual Structures awards given to the best real estate deals, projects and dealmakers in the region.

Shorenstein purchased Champion Point in September 2014 and commenced a series of redevelopment initiatives at the property. These initiatives, which continued over Shorenstein's four-year ownership of the property included:

• Renovation of all building facades;
• Renovation of all building interiors including a full market-ready, creative buildout complete with open ceilings and polished concrete flooring;
• Landscape upgrades throughout the campus; and
• Creation of outdoor collaborative workspace throughout the campus.

"Shorenstein spearheaded numerous renovation projects at Champion Point over the past four years, and we are thrilled that the property was honored as a winner in the Reuse / Rehab Project category," said, Jed Brush, Senior Vice President of Asset Management for Shorenstein. "When we purchased the property in 2014, we saw an opportunity to reposition a well-located campus in a market with strong leasing demand into a high quality asset. We are pleased with the great success of the project, which we believe led to a further strengthening of the surrounding community and expansion of activity in North San Jose. Shorenstein prides itself on having a positive impact on both our properties and the communities we serve by prioritizing these types of redevelopment projects across our portfolio."

In July 2018, Shorenstein sold Champion Point to Santa Clara County at nearly double the price per square foot of Shorenstein's original investment, made through Shorenstein's Fund Eleven, which was formed in 2014 with $1.22 billion of committed capital.

About Shorenstein Properties LLC

Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 64.1 million square feet in transactions with a gross investment value in excess of $15.2 billion.

Contact

Jon Keehner / Jed Repko / Julie Oakes / Jill Kary
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449 / 415.869.3950

View original content:http://www.prnewswire.com/news-releases/shorensteins-development-efforts-at-champion-point-position-property-for-silicon-valley-business-journals-structure-award-for-reuse--rehab-project-300710653.html

SOURCE Shorenstein Properties LLC