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IN JULY, PACIFIC PLACE, A RETAIL ASSET IN SEATTLE, WAS SOLD FOR A TOTAL GROSS SALE PRICE OF $271 MILLION.
For its joint venture interest, MEPT received $77.4 million in net sale price. The five-story, 323,000 square foot upscale shopping center located in downtown Seattle was developed by MEPT in 1998 and generated approximately 1.8 million job hours for the Building Trades. Anchored by an AMC Movie Theatre, Barnes and Noble, and Barney’s, Pacific Place was built at a time when downtown Seattle was in decline. In 2008, it was recognized by Seattle as one of the most important advances in the downtown corridor...

DURING THE QUARTER, MEPT RECEIVED $66.3 MILLION IN GROSS PROCEEDS FROM THE PAYOFF OF A MEZZANINE LOAN ON THE VERMONT.
In December of 2011, MEPT provided an $49.9 million mezzanine loan for the development of a $194.4 million 464-unit, multi-family project located on Wilshire Boulevard in downtown Los Angeles. During construction and initial lease up, MEPT earned 9.0 percent interest...



MEPT Ranks 1st Among U.S. Diversified Funds For Sustainability And Environmental Performance In Commercial Real Estate

Multi-Employer Property Trust (MEPT)...announced today that it has been ranked number one in two categories of the Global Real Estate Sustainability Benchmark (GRESB):

  • #1 ranking in the U.S. Diversified peer group among 36 funds;
  • #1 ranking among the 28 funds, recognized as funds in the NCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE) that participated in the GRESB survey...
Pacific Place mall sold for $271M
Seattle shopping center Pacific Place was sold Monday for $271 million, or more than $774 a square foot, believed to be a record price per square foot for large malls in this area...



 

Management Team

MEPT is managed by NewTower Trust Company (NewTower) of Bethesda, Maryland, a Maryland limited purpose, non-depository, state-chartered trust company which serves as trustee, fiduciary and investment manager. Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy) with U.S. headquarters in Seattle, Washington, serves as the real estate investment advisor to the NewTower. Landon Butler & Company, LP® (LBC) of Washington, D.C. provides investor relations services to the NewTower. Bentall Kennedy and LBC co-founded MEPT in April 1982. NewTower, Bentall Kennedy and LBC (collectively, the "management team") work together to execute the Fund's investment strategy.

MEPT's management team has a unique combination of capabilities since the team is made of three organizations with distinct areas of expertise, and more than 100 professionals with a broad range of real estate and investment management acumen. NewTower, Bentall Kennedy and LBC work together on MEPT to offer participating pension plans an attractive and direct way to invest in equity real estate.

Bentall Kennedy, the real estate investment advisor to MEPT, was founded in 1978. LBC became a full service investor relations firm in 1981. Together, Bentall Kennedy and LBC founded MEPT in 1981. NewTower became the fiduciary and trustee of MEPT on June 14, 2005.

MEPT has a Policy Board that makes recommendations regarding MEPT's strategic direction, including investment policy and portfolio strategy, to the NewTower Board of Directors. The Policy Board does not make investment management decisions or recommendations on specific investment transactions. The Policy Board meets several times a year to review the performance and management of the Fund and make recommendations. The current members of the Policy Board are: Headley Butler (President and CEO of LBC); Patrick Mayberry (President and CEO of NewTower); Mike McKee (CEO of Bentall Kennedy (U.S.) Limited Partnership); Gary Whitelaw (Group CEO of Bentall Kennedy); and Daniel Toohey (Chairman of the Board of Directors of NewTower).

Bentall Kennedy serves as the real estate advisor to MEPT. Bentall Kennedy Group, with U.S. headquarters in Seattle, Washington, regional offices in Chicago, Illinois, Los Angeles and San Francisco, California, Washington, DC and corporate headquarters in Toronto, Canada, manages real estate assets of more than $25 billion.

Landon Butler & Company, LP® (LBC), headquartered in Washington, D.C., sponsors and provides services to real estate investment vehicles developed to meet the needs of U.S. and foreign multi-employer, public employee, and corporate pension plans.

 

 


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