The properties, which are approximately 95% leased to tenants including the Federal Government, Wells Fargo, Colgate Palmolive and Travelers Indemnity, consist of the three-building Carmel Crossing in Charlotte, NC and Lakewood and Falls Pointe, both in Atlanta. The properties were constructed between 1986 and 1998 and, prior to the formation of the joint venture, were owned and operated by Parkway. Parkway's subsidiary, Parkway Realty Services will continue to lease and manage the properties for the joint venture.

"We look forward to growing the trust through additional co-investments in income producing properties in partnership with high quality operating partners such as Parkway," says Bruce Batkin, president of Terra Capital Partners. Greenwich officials say the joint venture is consistent with Rubicon's business plan to seek "high quality, income oriented investments in partnership with top real estate operators."