Houston: Target of UBS Wealth Management real estate acquisitions

UBS Wealth Management and Thomas Properties Group Inc. have created a joint venture to acquire a new office building in Houston, considered to be a strategic markets for more acquisitions. The partnership will allow the two firms to jointly purchase Class A office properties.

UBS Wealth Management is contributing $250 million to the venture. Thomas Properties will contribute 15 percent of the equity needed for each acquisition.

"We expect the current investment and credit markets environment to produce opportunities to acquire high-quality assets in strategic target markets at attractive risk-adjusted returns," said John Sischo, executive vice president of Los Angeles-based Thomas Properties, in a prepared statement.

Los Angeles-based Thomas Properties currently owns more than 3.8 million square feet of office space in Houston, including CityWestPlace; 2500 CityWest; Brookhollow I, II and III; and San Felipe Plaza.