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May 10, 2007
ICG Properties Announces Equity Recapitalization Deal with Westbrook Partners
Joint Investment to Launch New Opportunities for DC-Based Real Estate Firm
WASHINGTON, DC-ICG Properties, a Washington, DC-based commercial real estate development and investment company, has announced the completion of a joint venture and equity recapitalization with Westbrook Partners, a global real estate investment management firm. The recapitalization is valued at approximately $100 million and involves investments in four office properties currently owned by ICG.
ICG Properties was founded in Washington, DC in 1995. The firm currently owns more than 500,000 square feet of stabilized commercial assets, including the World Center Building at 1600 K Street, NW, 2115 and 2121 Wisconsin Avenue, NW, and the recently acquired 910 16th Street in Washington, DC. ICG also owns or controls another half-million square feet of developable commercial and residential density.
Founded in 1994, Westbrook Partners is a fully integrated real estate investment management company. The privately held firm maintains offices in New York, Dallas, San Francisco, London, Paris, and Tokyo. Westbrook professionals have invested more than $6 billion of equity in more than 200 investments in global real estate transactions valued at more than $25 billion.
ICG's portfolio of investment and development initiatives in the Washington area includes the highly successful renovation and expansion of the historic Gallup Building at 901 F Street, NW. ICG is actively seeking new development and investment opportunities in the range of $25-$100 million.