The Evolution of Thomas Properties Group

Thomas Properties Group has a rich history that spans several decades. The company was founded in 1997 by a team of experienced real estate professionals.

In the early days, Thomas Properties Group focused on developing and managing office buildings and other commercial properties. One of their earliest projects was the development of a large office complex in downtown Los Angeles.

This project was a huge success, and it helped establish Thomas Properties Group as a major player in the Los Angeles real estate market. The company's reputation for delivering high-quality properties and providing excellent customer service helped them attract new clients and partners.

Over time, Thomas Properties Group continued to grow and expand its portfolio of properties. They began to focus on mixed-use developments that combined office space, retail, and residential units.

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Thomas Properties Group has a rich history that spans over two decades. The company was founded in 1996 by James A. Thomas.

It became a public company in 2004, after an initial public offering on March 9 of that year. Thomas Properties Group entered the Houston, Texas market in 2005, acquiring 2.5 million square feet of office space from EQ Office in a joint venture with CalSTRS.

The joint venture was eventually liquidated in 2013, marking a significant shift in the company's operations.

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Thomas Properties Group was founded in 1996 by James A. Thomas, and was later incorporated on March 9, 2004.

The company went public on March 9, 2004, via an initial public offering.

It entered the Houston, Texas market in August 2005, with the acquisition of 2.5 million square feet of office space from EQ Office in a joint venture with CalSTRS.

This joint venture was liquidated in October 2013.

The company partnered with Lehman Brothers and CalSTRS to buy several properties in Austin, Texas on July 1, 2007.

In 2012, Thomas Properties Group acquired Lehman Brothers's interest in the joint venture, solidifying their partnership.

Thomas Properties Group was acquired by Parkway Properties for $1.2 billion on December 20, 2013.

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Thomas Properties Group has a long history of growth and success.

The company was founded in 1987 by Gerald W. Ford, who served as the CEO until 2005.

Thomas Properties Group went public in 1997 with an initial public offering (IPO) that raised $100 million.

Thomas Properties Group acquired the 2.1 million square-foot One California Plaza office complex in 2001 for $340 million.

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In 2010, Thomas Properties Group merged with Parkway Properties Inc to form Parkway Properties Inc. This merger was a significant move for the company, allowing it to expand its portfolio and reach new heights.

Parkway Properties Inc was a real estate investment trust that owned and managed a diverse portfolio of office and retail properties. The company had a strong presence in the Southeastern United States.

The merger with Thomas Properties Group brought new opportunities and challenges for Parkway Properties Inc. The company's leadership team was tasked with integrating the two companies and streamlining operations.

Parkway Properties Inc's portfolio grew significantly as a result of the merger, with the addition of Thomas Properties Group's assets. This expansion allowed the company to diversify its revenue streams and improve its financial performance.

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Thomas Properties Group has a history of successful joint ventures, as evident in its partnership with the California State Teachers' Retirement System (CalSTRS) in 2003.

This joint venture allowed Thomas Properties to acquire and upgrade the former Arco Plaza in downtown Los Angeles, a 2.5-million-square-foot office and retail complex that was only 20% occupied at the time.

Thomas Properties signed City National Bank as the primary tenant and the property is now 90% leased, with tenants including architecture firm Gensler and two upscale restaurants.

Thomas Properties aims to increase the number of properties it wholly owns or controls, with CEO James A. Thomas calling this opportunity "transformative".

Thomas Properties has until the end of the month to exercise an option to buy out CalSTRS' interests in some or all of the properties, which would require a payment of $678 million to CalSTRS.

Thomas Properties is also in "advanced discussions" with other capital providers to help fund the buyout of CalSTRS' interests in the joint venture properties.

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In 2005, Thomas Properties Group acquired the 1.2 million square foot office complex, 181 Fremont, in San Francisco, California.

The complex was previously owned by the Bechtel Group and was acquired for $155 million.

Thomas Properties Group expanded its portfolio with the acquisition of 181 Fremont, making it a significant player in the San Francisco office market.

In 2007, the company acquired the 1.1 million square foot office complex, 600 Wilshire, in Los Angeles, California, for $140 million.

The acquisition of 600 Wilshire marked another significant milestone in Thomas Properties Group's growth and expansion.

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Thomas Properties Group was acquired by Parkway Properties Inc. in an all-stock transaction valued at $1.2 billion.

The deal is for $294 million in Parkway stock and assumes $752 million in Thomas Properties' debt. The remainder of the value is from outstanding and expected property sales.

James Thomas, the founder and chief executive of Thomas Properties, will become chairman of Parkway's board.

Thomas Properties' stock was up 5.6 percent to $6.02 on the NYSE on news of the acquisition.

The acquisition is set to close by the end of the month, with Parkway's long-term growth strategy of gaining critical mass in high-quality assets throughout the Sunbelt being a key factor in the deal.

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