The new fund was first opened to subscription in July 2003 and held its final closing earlier this month. No funds have yet been invested. The fund will pursue the same strategy as Shorenstein's previous funds, seeking to acquire large, complex and management-intensive office properties in major US markets wherein Shorenstein believes it can add value via its in-house investment, asset management, leasing and operating staff.

Since 1992, Shorenstein has initiated six previous funds that attracted $1.5 billion in total equity. Four of which are fully invested and none have been fully liquidated. The funds have acquired and developed about 16 million sf of class A office properties throughout the US.

Some of the properties acquired by Shorenstein's previous funds include 500 West Monroe St., a 959,000-sf building in Chicago; 450 Lexington Ave., a 911,000-sf building in New York City; Bay Colony Corporate Center, a one-million-sf office park in suburban Boston; Hamilton Square, a 237,000-sf building in Washington, DC; Hills Plaza, a 609,000-sf development in San Francisco, and; First Union Financial Center, 1.1-million-sf building in Miami.