Rubenstein Partners raises $215 million for second office fund
Rubenstein Parners has raised $215 million for its Rubenstein Properties Fund II, according to a filing with the Securities and Exchange Commission. The office value-added fund has a $750 million fundraising goal and will invest in properties on the East Coast from Boston through Florida.
The fund has started to invest its capital. In February, the firm announced the fund’s initial investment, CenterPoint, a 500,000-square-foot office complex located in Waltham, Mass. Rubenstein purchased CenterPoint through a joint venture partnership with developer and operator Saracen Properties, which designed and performed the recent renovations.
The fund’s predecessor, Rubenstein Properties Fund, closed in 2006 with $475 million in equity commitments, exceeding its $400 million fundraising goal. The value-added fund invests in office properties throughout the entire Eastern United States, but primarily in Atlanta; Baltimore; Boston; Central/Northern New Jersey; Florida; New York City; North Carolina; Northern Virginia; Philadelphia; suburban Maryland; Washington, D.C.; and Wilmington, Del.