SOURCE: Blumberg Capital Partners

October 22, 2007 15:54 ET

Philip Blumberg and Blumberg Capital Partners Unveil Multi-Million Dollar Project to Upgrade Houston and Tampa Commercial Properties

Initiative Part of National Push to Offer Premium Services Under Blumberg Office Properties Brand

CORAL GABLES, FL--(Marketwire - October 22, 2007) - Blumberg Capital Partners, one of the largest real estate investment managers in the U.S., today announced plans to invest in upgrades to its commercial properties in Houston, Tex., and Tampa, Fla. The initiative includes a $6 million project to invest in new services and tenant amenities at Houston's Three Riverway Office property over the next 18 months. Blumberg Office Properties, the commercial real estate arm of Blumberg Capital Partners, has owned and managed Three Riverway Office Tower since 2000.

"The investment program illustrates Three Riverway's prominence in our U.S. commercial real estate portfolio," said Philip Blumberg, CEO of Blumberg Capital Partners. "Houston's Galleria Area is premium real estate, and Houston is one of the fastest-growing metropolitan areas in the country."

Blumberg said the investment program will include upgrades to the Tower's fitness center and conference rooms, as well as a complete overhaul of the property's lighting system to boost energy efficiency. Wireless Internet access technology also will be available in common areas. In addition, common area corridors will be redesigned and upgraded. The investment also will include significant landscape work and improvements to property roadways.

The Houston effort is part of a national push by Blumberg Capital Partners to deliver five-star service at its properties. "We'll be adding a Club Level Suite to our properties, similar to Club Level suites found in five-star hotels, which we believe will be a first in the U.S. commercial real estate market," Blumberg said. Other services will include onsite concierge support and tenant executive clubs, among other premium services under the Blumberg Office Properties brand.

In addition to the Houston project, Blumberg said the company also will invest in significant upgrades to its office property at 550 REO in Tampa, Fla., over the next 12 months. Blumberg Office Properties has owned and managed the property for nearly a decade.

Blumberg said the Tampa investment program will include improvements to the building's fitness center and common areas, as well as an overhaul of the property's lighting system and replacement of the chillers to a high energy-efficient system. The Tampa property already is one of the most unique office buildings in the Tampa area, featuring sauna and steam rooms, a swimming pool, and wireless Internet access in common areas.

Blumberg Office Properties last year consolidated its Florida real estate portfolio, selling its office tower in Coral Gables for about $60 million, or $272 per square foot. Earlier in 2006, Blumberg Office had sold its office building in Miami for more than $61 million, or some $325 per net rentable square foot. Blumberg Office Properties had owned the Coral Gables property in a joint venture with Investcorp.

Founded in 1979 by Philip Blumberg, Blumberg Capital Partners (previously known as American Ventures Corp.) specializes in U.S. commercial real estate, including acquisitions and divestments, market research, due diligence, and the management and leasing of commercial properties. Its investment portfolios have comprised some $500 million in commercial real estate assets around the United States. Investors in the Blumberg Capital Partners Funds include high net worth individuals in the U.S., Asia, Europe and the Middle East, as well as foundations, pension funds and banks. Blumberg Office is a member of the National Council of Real Estate Investment Fiduciaries. For more information, visit www.blumbergcapitalpartners.com.