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Rubenstein closes second fund with $500m

by Andrea Waitrovich

Rubenstein Partners has closed its Rubenstein Properties Fund II with approximately $500 million in equity commitments.

The value-added fund, which opened in May 2012, will invest in multiple office investments — either individually or strategically with joint venture partners specializing in certain geographies — during its three-year investment period.

Fund II is expected to concentrate on assets located in central business districts and their nearby suburban markets. It will acquire, reposition, develop, redevelop, manage, operate and sell office properties in the eastern United States, with a primary focus on Atlanta; Baltimore; Boston; Central/Northern New Jersey; Florida; New York City; North Carolina; Northern Virginia; Philadelphia; suburban Maryland; Washington, D.C.; and Wilmington, Del.

The firm has started to invest its capital. A recent acquisition is Penn Mutual Towers in Phila

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