San Francisco-based investment firm DivcoWest Real Estate Services and the California State Teachers’ Retirement System last week said they will include Los Angeles as a target market for a $300 million joint venture for commercial real estate investments.
The joint venture also will seek deals in San Diego; the San Francisco Bay Area; Seattle; Austin, Texas; Boston; New York; and Washington, D.C.
DivcoWest has put more than $1.5 billion of CalSTRS money into DivcoWest-sponsored investment vehicles over a 15-year period, including separate accounts, joint ventures and commingled funds, DivcoWest said.
DivcoWest is familiar with the L.A. market – it joined with Maguire Investments on the sale of the 260,000-square-foot Water’s Edge campus in Playa Vista to a joint venture of Marshall Property Development and Rockwood Capital for $190 million earlier this year.
DivcoWest’s other properties in Los Angeles County include the Telephone Building, a six-story, 92,000-square-foot office building at 1314 7th St. in Santa Monica, which it purchased in 2016 for $52.5 million, according to CoStar Group Inc.
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