Cornerstone builds its investment activities on research, experience and local knowledge. This approach results in focused investment strategies that concentrate on specific property types, targeted markets and the appropriate life cycle stage.

We pursue rotational opportunities on all three fronts.

By focusing on the forces that we believe create value, we identify property sectors that we believe are poised to rebound from excess supply shocks or short-term downturns in demand. Understanding the ebb and flow of regional and local economies helps us in our decision to enter and leave geographic markets.

The real estate experience of the Cornerstone team and its understanding of the capital markets and space markets assists us in determining what we believe to be the optimal life cycle stage at which to execute a property and geography strategy.

Lifecycle strategies include:

• Acquiring core, stabilized assets in markets with indicators that the markets are poised to rebound. This is intended to capture the reward of an improving local market with minimal leasing risk.
• Acquiring capital-starved or mismanaged assets. This allows us to use our experience in development and redevelopment to seek to create value in markets where both capital participants and space users are in balance.
• Development, which seeks to take advantage of space markets that are in balance when capital markets have driven the price of existing assets above replacement cost. Development investment is, in effect, buying at wholesale (cost) and selling at retail (buoyant capital market pricing and expectations).