Pacific Office Properties Forms Joint Ventures to Reposition Phoenix and Honolulu Office Properties (PCE)

Pacific Office Properties Trust, Inc. PCE announced today that it has formed two joint ventures with Angelo, Gordon & Co., a privately held investment manager with approximately $23 billion of assets under management. The joint ventures were formed to own two separate office properties, the City Square Office Towers in Phoenix, Arizona and the Pacific Business News Building, in Honolulu, Hawaii. The new partnerships are the most recent of over a dozen joint ventures formed between Pacific Office's management group and Angelo Gordon, which together have completed over $950 million in acquisitions. “The contributions of City Square and the PBN Building to these joint venture structures are highly beneficial to both partners, and is consistent with our co-investment strategy to own properties in partnership with institutional investors,” said Jim Ingebritsen, president and chief executive officer. The Company had previously announced its intention to recapitalize a separate 1.6 million square foot Honolulu office portfolio.