LOS ANGELES-Downtown's City National Plaza may soon be available. A complicated agreement between its current joint venture owners that contains a lot of "ifs" must decide its fate by the end of this month.
Thomas Properties Group and its longtime investment partner, California State Teachers' Retirement System (CalSTRS), have signed an agreement on several properties they own in a joint venture called TPG/CalSTRS LLC. The properties include City National Plaza in downtown L.A., CityWestPlace and San Felipe Plaza in Houston, and three undisclosed properties in Northern Virginia.
The new agreement gives Thomas Properties two options that they must exercise by the end of this month: (1) They can end this particular joint venture and give City National Plaza to CalSTRS, while retaining the out-of-state properties; or (2) Can acquire all of CalSTRS' interests in the joint venture and its properties. If Thomas does not act on either option before the end of the month, CalSTRS has the right under the agreement to have City National Plaza transferred to its control.
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