Shorenstein Investment Advisers LLC

Shorenstein Investment Advisers advises private real estate funds (currently Shorenstein Realty Investors Fourteen A/B/C) and other pooled investment vehicles for qualified, typically institutional investors, with reported discretionary AUM of approximately $787.5 million. Its clients are fund limited partners (generally accredited investors or qualified purchasers) with typical minimum commitments described in the Governing Documents (the Funds generally have a $10 million minimum for third‑party investors).

The firm’s stated investment strategy focuses on acquiring, redeveloping and operating office and mixed‑use properties with a significant office component, approaching real estate as a long‑term operating business and emphasizing situations with leasing, entitlement, operating or capital complications. Shorenstein maintains in‑house operating, asset management, leasing, development and construction personnel, pursues co‑investment opportunities and side‑letter arrangements, and uses debt and other financing tools as part of its long‑term value creation approach; its compensation framework includes a 1.5% management fee and a carried interest feature (20% with a 6% preferred return), and the brochure describes how certain supplemental property or transaction fees are treated relative to management fees.

What is distinctive in the brochure is the firm’s explicit affiliation with a real estate services affiliate (Shorenstein Realty Services, L.P.), which the adviser may engage to provide property services and to be paid fees and reimbursements that, by the adviser’s disclosure, may not fully offset management fees. The brochure also highlights a range of governance and marketing practices that can differ from many peers — for example the use of side letters, co‑invest vehicles and detailed Supplemental Fee arrangements — and notes that Shorenstein commenced operations only in December 2023 yet manages a multi‑hundred‑million dollar fund complex.