LOS ANGELES-Former Thomas Properties Group senior managers Thomas Ricci, Randall Scott and John Sischo and Oak Pass Capital founder Charles Toppino team up to form a new joint venture Coretrust Capital Partners LLC. Based in Los Angeles and Philadelphia, the joint venture will specialize in fiduciary investment services and asset management for institutional clients.

“We are excited about launching a new private real estate company right now because we believe it is a great time to acquire core plus and value-add office properties in strong submarkets in the West Coast, Southwest and Mid-Atlantic regions,” says Sischo. “Having worked closely together for 16 years we are able to hit the ground running.” CCP is already in the process of acquiring a portfolio in the Mid-Atlantic region through an affiliate with an institutional opportunity fund partner as well as underwriting other acquisitions in the target markets Sischo mentioned.

While at Thomas Properties Group, Ricci, Scott and Sischo managed over $3 billion in institutional capital as well as directed acquisitions, capital markets and operations and development. The group formed to launch the venture after Parkway Properties Inc. acquired Thomas Properties in December 2013. Toppino will continue to head Oak Pass Capital, which acquires high-yield commercial real estate with institutional investors and private equity partners, while working with Coretrust Capital Partners.