Thomas Properties Group, Inc.
Thomas Properties Group, Inc. is a real estate development firm incorporated in 1996. The company engages in owning, acquiring, developing and managing properties on a consolidated basis and through its strategic joint ventures. The company also provides property redevelopment and investment management services. The company provides its services to residential, office and mixed use properties. The company manages 25 properties located in Austin, El Segundo, Houston, Los Angeles, Newport Beach, Philadelphia, Northern Virginia, and Sacramento cities in the U.S. The company is headquartered at Los Angeles.
In July 2009, the company has been given the contract by Grubb & Ellis Realty Investors, LLC to manage tenant leasing at 816 Congress, a class-A office tower in downtown Austin. Thomas Properties has reached an agreement with its other partners in the Austin Portfolio partnership, including Lehman Brothers and California State Teachers` Retirement System, to restructure and recapitalize the financing on the partnership`s 3.5 million-square-foot, 10-property, commercial office portfolio in Austin, Texas. In April 2009, Thomas Properties Group was awarded the $1 billion mixed-use redevelopment project for Wilshire Grand Hotel and office site at Wilshire and Figueroa in Los Angeles by Korean Air.The company reported revenues of (U.S. Dollars) USD 171.56 million during the fiscal year ended 2008, an increase of 76.00% over 2007. The operating loss of the company was USD 5.84 million during the fiscal year 2008, a decrease of 221.00% over 2007. The net loss of the company was USD 5.49 million during the fiscal year 2008, a decrease of 510.00% over 2007.