Rockefeller, Commonwealth Ally to Buy CRE

The Rockefeller Group International, a New York-based commercial real estate investor and developer, and Los Angeles-based CommonWealth Partners have formed a real estate investment management partnership that will acquire and develop office and mixed-use projects nationwide.The venture will provide CWP, a real estate investment management and development firm, with about $1.5 billion under management, with the "combined resources to support an investment portfolio in excess of $3 billion," the two companies report. The resources will be invested on behalf of institutional investors such as the California Public Employees' Retirement System, for whom CWP is already a "core office investment partner". CWP will continue to operate independently and RGI will provide the partnership with the capital, strategic input and access to additional real estate-related resources so as to expand CWP's national reach, especially in terms of access to East Coast markets.