LOS ANGELES--(BUSINESS WIRE)--Well known real estate executives, Thomas Ricci, Randall Scott and John Sischo, formerly senior management at Thomas Properties Group, Inc. (NYSE:TPGI), have joined with Charles Toppino, founder & president of Oak Pass Capital, to form Coretrust Capital Partners, LLC (CCP) based in Los Angeles and Philadelphia.
CCP will provide fiduciary investment services and active asset management to institutional clients in both co-investment and separate account vehicles. CCP also will work with owners to enhance property values through custom operating solutions including premiere customer service, sustainability leadership and market positioning and income growth strategies developed over the past 16 years by Ricci, Scott and Sischo.
Toppino, with 20 years of experience in commercial real estate acquisitions and finance, will continue leading Oak Pass Capital while working with CCP, adding synergistic disciplines and relationships.
“We are excited about launching a new private real estate company right now because we believe it is a great time to acquire core plus and value add office properties in strong submarkets in the West Coast, Southwest and Mid-Atlantic regions,” said Sischo. “Having worked closely together for 16 years we are able to hit the ground running.”
A Coretrust Capital Partners’ affiliate is in the process of acquiring a portfolio in the mid-Atlantic region with an institutional opportunity fund partner. Additionally, the firm has several initiatives underway including underwriting potential acquisitions and actively pursuing a value-add portfolio within the target markets.
Ricci, Scott and Sischo were major contributors to Thomas Properties’ growth as a vertically integrated real estate operating company with a national portfolio that grew from two million square feet to over 15 million square feet and a five million-square-foot development pipeline. The trio managed over $3 billion of institutional capital, directed acquisitions, capital markets, operations and development, and was instrumental in the firm’s 2004 IPO. TPGI was acquired by Parkway Properties Inc. (NYSE:PKY) in December 2013.
Ricci was responsible for the successful redevelopment of City National Plaza in Los Angeles and Commerce Square in Philadelphia. Earlier at Maguire Thomas Partners he led entitlements and planning for the 1,000-acre Playa Vista in West Los Angeles.
Scott directed asset management nationally and customer relations programs that earned office sector-leading Kingsley Survey scores for TPGI. A green building leader, he led TPGI’s sustainability program that won a third consecutive NAREIT Leader in the Light award in 2013.
Sischo led $3.8 billion in acquisitions and managed investor relationships with major pension funds and financial institutions including CalSTRS. He joined TPGI as chief financial officer and became co-chief operating officer.
Toppino was a founding partner of Secured Capital Corp., a real estate investment bank formed with former Drexel Burnham Lambert colleagues in 1990 and merged with Eastdil Realty in 2006. Toppino is a founding partner of Secured Capital Investment Management Co., Japan, and STAM-Europe that manage over $10 billion and $1 billion of assets respectively.
Coretrust Capital can be reached at (213) 689-0000 in Los Angeles and (215) 800-0170.