Cornerstone Properties is in Merger Talks With William Wilson & Associates, Reports the San Francisco Business Times.SAN FRANCISCO--(BUSINESS WIRE)--May 1, 1998--Cornerstone Properties Inc. (NYSE NYSE See: New York Stock Exchange :CPP cpp - C preprocessor. ), a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of real estate investment trust, is in negotiations to acquire privately-held William Wilson Many real people and fictitious characters share the name William Wilson, or variations such as Bill or Willlie Wilson, including:
Cornerstone would pick up Wilson's four institutional investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company , which control $1.5 billion in Class A office properties. Merger talks between Wilson and Cornerstone have been ongoing for months, sources familiar with the two companies said. Those discussions have apparently picked up speed because of Wilson's and Cornerstone's joint bid to acquire San Francisco's famed Embarcadero Center The Embarcadero Center is a commercial complex of six towers (four office, two Hyatt hotels) and one office tower on a 9.8 acre (39,655 square meters) site that is located in the San Francisco's financial district close to the Embarcadero. office complex, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the San Francisco Business Times. Executives from both companies declined to comment. The benefits to Cornerstone in such a transaction include: -0-
- Ownership of a significant, income-producing portfolio of West
Coast office properties. Cornerstone's existing holdings are
centered primarily on the East Coast.
- Wilson also brings an experienced in-house property management
and leasing team to Cornerstone, which has traditionally
contracted outside property managers to run its buildings. The
inability to boost internal revenue growth through in-house
property management is one of the few criticisms Cornerstone
receives from the financial community.
-0- For Wilson, rolling its portfolio into Cornerstone would allow its investors -- mainly private pension funds and wealthy individuals -- to maximize their returns by capitalizing on the hot real estate market. In this case, investors would likely trade their holdings in Wilson for operating units in Cornerstone that could be later converted to stock. Any deal inked between Wilson and Cornerstone would have to be approved by the investors in Wilson's funds. The San Francisco Business Times is an award-winning weekly business newspaper covering San Francisco, San Mateo, Alameda, Contra Costa and Marin counties. It is published each Friday and available on the Internet the following Monday at http://www.amcity.com/sanfrancisco. The San Francisco Business Times story on Cornerstone, written by Adam Feuerstein and Douglas Robson, will be posted on the Internet May 4. CONTACT: San Francisco Business Times Adam Feuerstein, 415/989-2522, ext. 263 |
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