2023

Launches $250 Million Leasehold Preferred Equity Fund

The Shidler Group launches an initiative to provide lower cost high leverage capital to recapitalize multifamily properties with high-cost floating rate debt or near-term debt maturities. The Shidler Group commits $250 million to preferred equity investments in those leasehold multifamily communities for which it also provides Land sale/leaseback financing on 99-year Ground Leases.

2022

Assembles Portfolio of Land Underlying 13 Multifamily Complexes

The Shidler Group completes the acquisition of Land underlying 13 Class A multifamily communities located in ten states and containing 3,919 apartment units. The land has been leased back to the individual community owners on new 99-year Ground Leases.

● The Glen at Alexander – 216 Units

○ Augusta, Georgia

○ Leasehold Financing: FHFA Agency

● Rivergate North – 402 Units

○ Woodbridge, Virginia

○ Leasehold Financing: FHFA Agency

● Brighton Creek – 306 Units

○ Kansas City, Missouri

○ Leasehold Financing: FHFA Agency

● Clock Tower Village – 188 Units

○ DuPont, Washington

○ Leasehold Financing: FHFA Agency

● Courts of Avalon – 258 Units

○ Pikesville, Maryland

○ Leasehold Financing: FHFA Agency

● Cirro King of Prussia – 339 Units

○ King of Prussia, Pennsylvania

○ Leasehold Financing: FHFA Agency

● Congressional Village – 403 Units

○ Rockville, Maryland

○ Leasehold Financing: FHFA Agency

● Ethos Community – 288 Units

○ Kent, Washington

○ Leasehold Financing: Balance Sheet

● Broadstone Vintage Park – 386 Units

○ Houston, Texas

○ Leasehold Financing: Balance Sheet

● Sea Lofts at Boynton Village – 433 Units

○ Boynton Beach, Florida

○ Leasehold Financing: Balance Sheet

2021

Launches Convertible Ground Lease – The Industry’s Gold Standard

In 2021, The Shidler Group completed its first Convertible Ground Lease on the Land underlying Broadstone Vintage Park, a Class A 386-unit apartment community in Houston, Texas. In addition to six Purchase Options beginning in year 40, the Land underlying Broadstone automatically reverts to the Building Owner at the end of the Convertible Ground Lease Term.

At the end of a traditional Ground Lease, the ownership of the Improvements effectively reverts to the Landowner, and the Building Owner ends up owning nothing. In a Convertible Ground Lease, the Building Owner ends up owning everything, both the Land and Improvements.

In short, a Convertible Ground Lease makes Leasehold Financing easier and maximizes the value of the apartment community in a subsequent sale.

Lowers Multifamily Capital Cost Through Bifurcation

In 2021, The Shidler Group shifted its focus from being an active owner-operator of multifamily communities to being a passive investor in the Land underlying these complexes. Bifurcation technology is being employed to lower the multifamily development’s overall cost of capital.

Additionally, blending the modest Ground Lease yield requirements with that of market-rate multifamily financing may provide some relief in those cost-burdened markets experiencing a shortage of affordable housing.

2019

Enters National Multifamily Market

Begins to build a platform to invest in multifamily communities with a focus on cost-burdened markets experiencing a shortage of affordable units.  The goal – create and preserve 10,000 affordable multifamily units by the end of 2024.

The entrance into the affordable housing sector is also related to Jay Shidler's philanthropic activities. As part of this philanthropic initiative, the ownership of the Land underlying these multifamily communities is often placed in irrevocable trusts with the resulting Ground Lease-generated income streams being donated to certain educational institutions.

2018

Acquires Land Underlying Chicago Landmark

Completes purchase of the Land subject to a new 99-year Ground Lease and underlying Triangle Plaza.

Triangle Plaza is a Class A+ 636,078 RSF office campus comprised of twin triangle-shaped office towers situated in the heart of the O’Hare submarket in Chicago, Illinois.

Acquires Land Underlying Microsoft Campus

Completes purchase of the Land subject to a new 99-year Ground Lease and underlying the Advanta Edge Campus located in Bellevue (Seattle), Washington – 100% net leased to Microsoft Corporation.

The 601,081 RSF Microsoft campus includes three 7-Story Class A+ office buildings and houses a major component of Microsoft’s Azure Cloud.

Acquires Land Underlying the Westin Washington National Harbor

Completes purchase of the Land subject to a new 99-year Ground Lease and underlying the Westin Washington National Harbor, a seven-story, 195-room & suites full-service hotel located in one of the strongest hospitality markets in the U.S. – Washington D.C. MSA.

On the waterfront, the Westin is in the center of the $4 billion National Harbor development, which includes the Gaylord Convention Center and the MGM National Harbor Casino.

2017

Acquires Land Underlying BP World Headquarters

Completes purchase of the Land subject to a new 99-year Ground Lease and underlying BP North America Inc.’s World Headquarters located in the “Energy Capital of the World” – Houston, Texas. 

The 1,009,171 RSF complex includes the 28-story Class A Westlake One Tower.

Acquires Land Underlying Jack Nicklaus’s Golden Bear Plaza

Completes purchase of the Land subject to a new 99-year Ground Lease and underlying the 6-story, 245,373 RSF, Class A Office Complex known as Golden Bear Plaza located in Palm Beach Gardens, Florida.

Developed by Jack Nicklaus’s company, Golden Bear International, the Property is a locally recognized landmark affording its tenants an address with panache, as well as panoramic views of the Intracoastal Waterway and the Atlantic Ocean.

Jay Shidler donates $2.1 Billion in Ground Lease Cash Flow to Alma Mater

Jay Shidler completes the donation of Leased Fee Interests in Land subject to 99-year Ground Leases and underlying commercial buildings throughout the United States to the University of Hawaiʻi Foundation in support of the Shidler College of Business at the University of Hawaiʻi at Mānoa.

The gift is the donation of the Land underlying 11 significant office buildings in the commercial business districts (CBD) of major U.S. cities including – Seattle, Denver, Chicago, Tampa, Nashville, Louisville, Charlotte, and Columbus. The attendant long-term Ground Leases are contractually obligated to pay the Shidler College of Business over $2.1 billion of net ground rent over the next 99 years.

​For more information, please visit: http://shidler.hawaii.edu/gift

2016

Acquires Land Underlying Iconic 850,000 RSF Urban Towers Complex

Provides Ground Lease financing component of capital required to buy out a third-party investor’s financial partner in Urban Towers, an 850,000 RSF Class A office complex located in Las Colinas (Dallas), Texas.

The Urban Towers complex consists of two interconnected Class A office towers containing approximately 850,000 RSF located in the heart of the vibrant Las Colinas submarket of Irving, Texas in the Dallas MSA.

Acquires Land Underlying Biomedical Research Center

Completes purchase of the Land (an entire city block) subject to a new 99-year Ground Lease and underlying the University of Washington School of Medicine’s $355 million Biomedical Research Center with 399,221 RSF.

As part of The Shidler Group's philanthropic initiatives, 80% of the Reversionary Interest in the Land and the Biomedical Research Center Improvements was donated to the UW School of Law, the UW School of Medicine, and the Shidler College of Business at the University of Hawaiʻi at Mānoa.

Acquires Land Underlying 38-Story Louisville Office Tower

Completes purchase of the Land subject to a new 99-year Ground Lease and underlying the 38-story, 723,300 RSF National City Tower.

The Tower complex includes a 4-story parking structure and extends the full length of a city-block in the Central Business District of Louisville, Kentucky.  One of Louisville’s most recognized buildings, the Miesian-style tower is the second tallest in the region.

The Leased Fee Interest in the Land was donated to the University of Hawaiʻi Foundation.

2015

Acquires Land Underlying 18 Marriott & Hilton Hotels

Becomes one of the nation's most active investors in Land subject to new 99-year Ground Leases and underlying branded hotels throughout the U.S.

• Marriott Courtyard Chicago – St. Charles
• Hilton Homewood Suites Raleigh – Crabtree Valley
• Hilton Garden Inn Atlanta North – Alpharetta
• Hilton Hampton Inn Atlanta – Perimeter Center
• Hilton Hampton Inn & Suites – Stuart
• Hilton Hampton Inn Charlotte – University Place
• Marriott Courtyard Houston – Brookhollow
• Marriott Fairfield Inn & Suites – Orlando
• Hilton Hampton Inn & Suites – Ft. Myers
• Hilton Hampton Inn & Suites – Clermont
• Hilton Homewood Suites Houston – Clear Lake
• Hilton Homewood Suites Phoenix – MetroCenter
• Hilton Hampton Inn Raleigh – Cary
• Hilton Garden Inn San Antonio – Airport
• Marriott Fairfield Inn & Suites – Naples
• Marriott SpringHill Suites – Naples
• Hilton Hampton Inn & Suites Nashville – Elliston Place
• Hilton Hampton Inn Nashville – Vanderbilt

2014

Acquires Land Underlying 383,652 RSF Shoreline Square

Provides 99-year Ground Lease financing to enable third-party investment firm to acquire Shoreline Square.

Shoreline Square is a premier Class A 383,652 RSF office tower located in Long Beach, one of the most desirable coastal markets in Southern California.

Acquires Land Underlying 749,035 RSF Tampa City Center

Completes purchase of the Land subject to a new 99-year Ground Lease underlying Tampa City Center, a 38-story, 749,035 RSF Class A office tower located in Tampa, Florida.

The building is downtown Tampa's second-largest office building.

2013

Acquires Land Underlying Wake Forest University Charlotte Center

Completes purchase of the Land subject to a new 99-year Ground Lease underlying Wake Forest University Charlotte Center located in Charlotte, North Carolina.

The 458,169 RSF, five-story mixed-use complex is a key component of Bank of America’s global headquarters campus and includes the 292-room Holiday Inn City Center.

Acquires Land Underlying 579,778 RSF Chicago Landmark

Completes purchase of the Land subject to a new 99-year Ground Lease underlying the 22-story Burnham Center.

A part of Chicago history, the 579,778 RSF property was built in 1914 and is one of Chicago’s most architecturally significant buildings. Designed by renowned architect Daniel H. Burnham, the building is listed on the National Register of Historic Places.

Acquires Land Underlying Bixby Office Park

Provides 99-year Ground Lease financing to enable third-party investment firm to acquire the three-building 297,241 RSF Bixby Office Park located in Seal Beach, California.

2012

Launches Terra Funding Trust

Forms Terra Funding Trust to invest in Land subject to new 99-year Ground Leases underlying multifamily communities, office complexes, and hotels throughout the U.S.

Terra Funding Trust also provides 99-year Ground Lease financing to third-party owners.

Acquires Land Underlying Historic West Loop Building

Completes purchase of the Land subject to a new 99-year Ground Lease underlying the historic 300 W. Adams Building in the heart of Chicago's Central Business District.

The 12-story, 252,847 RSF West Loop tower has been home to scores of local and national businesses over the last 100 years.

2008

Lists Fourth REIT on NYSE Amex – Pacific Office Properties Trust

Pacific Office Properties Trust, Inc. (NYSE Amex: PCE) goes public via a reverse merger and contribution of its western U.S. portfolio and institutional joint venture operations to Arizona Land Income Corporation, which is reincorporated as Pacific Office Properties Trust.

The REIT will focus on the acquisition, ownership, and management of Class A office property in the Honolulu, San Diego, Los Angeles, and Phoenix markets. Jay Shidler becomes Chairman of the Board.

2006

Acquires U.S. Bank Center

Completes purchase of the U.S. Bank Center in downtown Phoenix, Arizona. The property is the second-tallest office building in Arizona and continues The Shidler Group’s commitment to expansion in the country’s highest growth markets.

2005

Acquires Land Underlying First Insurance Center

Completes purchase of the Land subject to a new 99-year Ground Lease underlying the First Insurance Center, a 210,000 RSF Class A office building located in Honolulu, Hawaiʻi.

The transaction was the 20th commercial property in which The Shidler Group used Bifurcation technology to separate the ownership of the Land from the ownership of the Improvements using a long-term Ground Lease.

Acquires 1,000,000 RSF City Square Complex

The Shidler Group’s Phoenix office acquires the one million square foot City Square Complex located in mid-town Phoenix.

City Square includes three Class A high-rise towers and a Hilton hotel and is the largest mixed-use commercial condominium in Arizona.

2004

Lists Credit Derivative Company on NYSE – Primus Guaranty, Ltd.

With partners Rob Denton and Tom Jasper forms, Primus Guaranty, Ltd. which quickly goes public and lists on the New York Stock Exchange (NYSE: PRS). Primus issues over $28 billion in credit protection over the next four years.

Primus becomes the first publicly traded AAA/Aaa rated derivative products company in the U.S.

Acquires Largest Honolulu Office Building on a Ground Lease

Completes purchase of a long-term Ground Lease on the 550,000 RSF Waterfront Plaza, a premier retail and office complex in the Central Business District of Honolulu, Hawaiʻi.

With this purchase, The Shidler Group becomes the largest building owner in Honolulu.

2003

Acquires Major Honolulu Office Portfolio

Completes purchase of two landmark Hawaiʻi properties, Davies Pacific Center and the Pan Am Building, from the California State Teacher’s Retirement System.

This acquisition is the largest office real estate transaction in Hawaiʻi in 10 years and coincides with the beginning of the Honolulu office market recovery.

2001

Acquires Famous Waikiki Galleria

Completes the purchase of the Waikiki Galleria, a 16-story Class A retail and office complex, from Nippon Shinpan for $95 million.

1999

TriNet and Starwood Financial merge to create iStar, Inc.

TriNet Corporate Realty Trust, Inc. (NYSE: TRI), a REIT focused on the sale / leaseback of U.S. corporate real estate, and Starwood Financial Trust (AMEX: APT) complete merger. Starwood Financial had a market capitalization of $1.07 billion and the merger value of TriNet was $1.47 billion. The resulting entity, iStar, Inc., is listed on the NYSE under the symbol "SFI".

Rob Holman, Chairman of TriNet and two TriNet directors join the new iStar Board of Directors.

1998

Lists Third REIT on NYSE – Corporate Office Properties Trust

Corporate Office Properties Trust (NYSE: OFC) goes public, following the acquisition of Constellation Real Estate Group, Inc., a wholly-owned subsidiary of Baltimore Gas & Electric Company. Corporate Office Properties Trust becomes one of the largest owners of suburban office buildings in the Greater Washington D.C. region.

Rob Denton joins Board, Clay Hamlin is named CEO, and Jay Shidler becomes Chairman of the Board.

Acquires $265 Million Hotel and Office Portfolio

Acquires major West Coast commercial portfolio for $265 million. Properties include the Pasadena Hilton Hotel and the 24-story, 435,000 RSF office building at 801 S. Figueroa Street in Los Angeles.

1997

Acquires 1.7 Million RSF Portfolio

With partners Jimmy Reynolds, Jim Ingebritsen and Matt Root completes purchase of a 1.7 million RSF portfolio in greater Los Angeles, California.

Founds AAA-rated Bermuda Financial Guarantor

With partner Rob Denton, forms CGA Group, Ltd., a Bermuda AAA-rated financial guarantor of commercial real estate securities. Jay Shidler becomes Chairman of the Board.

1994

Lists Second REIT on NYSE – First Industrial Realty Trust

With partners Mike Tomasz and Paul Lambert, forms its second REIT, First Industrial Realty Trust, Inc. (NYSE: FR). The Shidler Group’s mid-west industrial real estate operations contribute 203 properties as First Industrial goes public. First Industrial becomes one of the then largest industrial REITs in the U.S.

Mike Tomasz is named CEO, Paul Lambert is named COO, and Jay Shidler becomes Chairman of the Board.

1993

Lists First REIT on NYSE – TriNet Corporate Realty Trust

With partner Rob Holman, forms its first REIT, TriNet Corporate Realty Trust, Inc. (NYSE: TRI). TriNet goes public as the nation’s first net lease REIT and grows to become one of the largest providers of corporate sale/ leaseback financing in the U.S.

Rob Holman is named the CEO, and Jay Shidler becomes Chairman of the Board.

1992

First Non-Investment Grade Credit Tenant Lease (CTL)

Forms Blue Bell Funding, Inc. to publicly issue rated notes to fund the sale/leaseback of the Unisys Corporation world headquarters in Blue Bell, Pennsylvania.

This is one of the industry's first single-asset real estate securitizations and begins a new era of marrying The Shidler Group’s real estate expertise with capital markets execution.

1989

Issues A-1, P-1 Commercial Paper – Funds Corporate Sale/Leaseback

Forms Westinghouse/Shidler Funding Corporation to issue A-1, P-1 rated commercial paper and fund the acquisition of 87 net leased corporate properties.

Opens Philadelphia Office

With partner Clay Hamlin, opens Philadelphia office and completes its first acquisition, a 10-property portfolio in Malvern Valley, Pennsylvania, using a series of short-term corporate sale/leasebacks with Unisys Corporation.

Clay Hamlin will become the Chief Executive Officer of The Shidler Group’s third REIT, Corporate Office Properties Trust (NYSE: OFC).

1989

Acquires Mission Insurance HQ

With partner Ken Livadas structures the acquisition of the Mission Insurance Company Headquarters on Wilshire Boulevard from Federal Savings & Loan Insurance Corporation. Negotiates long-term lease with California State Insurance Commissioner.

1987

Acquires Major Prudential Portfolio

Completes purchase of a 1.3 million RSF 19-building industrial portfolio in Detroit, St. Louis, Chicago, and Minneapolis from Prudential Insurance Company.

The portfolio becomes part of what will become First Industrial Realty Trust (NYSE: FR), which is taken public in 1994.

1986

Acquires 117 Freight and Distribution Facilities

Forms National Warehouse Investment Company (NWIC) to provide sale/leaseback financing for corporate LBOs.

Later that same year, NWIC acquires and leases back 117 freight and distribution facilities in 36 states as the final leg of the management-sponsored LBO of P-I-E Nationwide, Inc.

Opens Chicago, Minneapolis, St. Louis, and Detroit Offices

With partner Mike Tomasz, opens Chicago office. Completes purchase of one million RSF 13-building industrial portfolio from the Prudential Insurance Company.

With partner Paul Lambert, opens offices in Minneapolis, St. Louis, and Detroit in conjunction with acquisition of 740,000 RSF industrial portfolio from Northwestern Mutual Life Insurance Company.

These organizations and their portfolios will subsequently be taken public as First Industrial Realty Trust (NYSE: FR) in 1994.

Acquires Major San Francisco Office Building

With partner Stan Mattison completes the purchase of 19-story building at 111 Pine Street from JP Morgan Investment Management, Inc.

1985

Launches National Sale-Leaseback Operations

With partner Rob Holman, forms team to focus on post-LBO non-credit sale/leasebacks and surplus corporate real estate.

The organization and its portfolio will subsequently be taken public as TriNet Corporate Realty Trust (NYSE-TRI).

Acquires Major Waikiki Hotel on Ground Lease

Completes purchase of the 502-room Waikiki Beachcomber Hotel and retail complex from UAL, Inc. The property acquired was subject to an existing long-term Ground Lease.

Paul Lambert oversees complete renovation of the Hotel.

Completes Major Honolulu Corporate Sale/Leaseback

Honolulu office concludes major corporate sale/leaseback transactions with AMFAC, Inc. (NYSE:ANA)

1983

SF & LA Offices Have First Million-Square-Foot Year

Completes purchase of over 1 million of rentable square feet during 1983.

San Francisco office completes major purchase from the Equitable Life Insurance Company. Los Angeles office acquires two of the four corners of Hollywood and Vine with the purchase of the Taft Building and the Hollywood & Vine Plaza.

1981

Bifurcates Eight Manhattan Office Properties

New York office bifurcates ownership of eight Mid-town Manhattan properties using a series of 84-year Ground Leases.

This transaction allows a family office to retain ownership of the Land underlying all buildings as a long-term passive investment.

1979

Opens NYC Office – Completes Manhattan Ground Lease Bifurcation

Opens New York office with partner Stephen Meringoff and bifurcates ownership of the 240,000 RSF, twelve-story office building located at 401 Park Avenue South (28th St.). This allows a family estate to retain ownership of the Land, subject to a new 84-year Ground Lease.

This is the first of 16 Ground Lease Bifurcations that Shidler and partners Stephen Meringoff and Rich Breton will apply to Manhattan office buildings.

1977

Bifurcates Ownership of Waikiki Retail Center

With partner Jim Reynolds, bifurcates the Waikiki Marketplace, a retail center on Kuhio Avenue in Waikiki. The strategy allowed the current owner to retain the Land as a passive investment, while Reynolds and Shidler owned the Improvements subject to a new long-term Ground Lease.

1976

First Ground Lease Bifurcation

Develops and uses Bifurcation technology to acquire ownership, subject to a new long-term Ground Lease, of an existing Honolulu office building (1 North King Street).

1974

Opens Seattle Office and Acquires First Office Building

Opens Seattle office with partner Roger Peterson. First acquisition is the Olympic National Life Building at Madison and 2nd Avenue, now the site of the Wells Fargo Center.

1973

First Corporate Sale/Leaseback Transaction

Begins investing in California and completes first corporate sale/leaseback with acquisition of the headquarters of the Applied Magnetics Corporation (NYSE: APM) in Santa Barbara. This marks The Shidler Group’s first corporate sale/leaseback transaction.

1972

Acquires Waikiki Hotel on Ground Lease

With partner Ron Petty, completes first acquisition with the purchase of the Polynesian Plaza Hotel, a hotel and commercial complex located on world-famous Kalakaua Avenue in Waikiki. The hotel was on a long-term Ground Lease with the Land own by a passive family trust.

1971

The Shidler Group Formed

First Lieutenant Jay Shidler returns to Hawaiʻi from military service in the U.S. Army, Corps of Engineers (Combat) and begins to invest in commercial real estate for his personal account. The company he formed with his partner Ron Petty would grow to become The Shidler Group.

Jay Shidler’s initial investment capital came from a successful 19-story Honolulu condominium project, 1111 Wilder, which he began co-developing during his senior year at the University of Hawaiʻi.