SAN FRANCISCO — DivCore Capital today announced the launch of a new residential investment platform, Sentral Strategic Partners, alongside ICONIQ and Sentral that is designed to invest in Class A multifamily acquisitions and development across major U.S. markets. The platform brings together the firms shared focus on innovation and resident experience while leveraging DivCore’s disciplined real estate investment management expertise across major markets nationally, ICONIQ’s innovative approach to building real estate platforms, and Sentral’s hospitality-driven multifamily operating model. The platform expects to pursue approximately $2.5 B of multifamily investment opportunities over time, with sponsor co-investment alongside the platform on a deal-by-deal basis.

Sentral Strategic Partners will seek to pursue acquisition opportunities created by current market dislocation, including distressed and transitional assets, mixed-use assets with commercial space, and off-market recapitalizations of underperforming loans and assets. The platform will also selectively pursue investments in high-quality development projects through Co-GP relationships with multifamily developers. Both the ICONIQ and DivCore teams will source and oversee the investment management of new investments that Sentral will operate. By fully aligning capital, ownership and operations, the platform seeks to generate durable, execution-driven returns with a focus on differentiated yield and sustained value creation across market cycles.

As part of the partnership, DivCore has made a strategic investment in Sentral and Richie DeBeikes, DivcoWest’s Head of Residential Investments, has joined Sentral’s Board of Directors, strengthening governance and alignment. DivCore and ICONIQ will serve as Sentral’s long-term institutional capital partners by supporting the platform’s growth and governance as it scales. ICONIQ’s focus on building durable, aligned investment platforms underpins the partnership’s long-term orientation and emphasis on responsible growth across market cycles.

“We have worked with Sentral on several investments and have expanded our relationship based on proven results,” said Stuart Shiff, CEO of DivcoWest, DivCore Capital’s equity platform.  “This platform allows us to vertically integrate our growing multifamily business by combining institutional capital with a fully aligned multifamily operating platform in a way that we believe is meaningfully differentiated. By investing at both the asset and platform level alongside ICONIQ and Sentral, we are creating a structure designed to deliver compelling risk-adjusted returns in an attractive sector during a time of market dislocation.”

“ICONIQ looks for partnerships where innovation, operating excellence and alignment are central to value creation,” said Jeff Felder, Head of Real Estate Investments at ICONIQ. “DivCore and Sentral bring complementary investment and operating capabilities that, together with our experience investing in sectors and companies with high growth potential, create a platform well positioned to capitalize on today’s multifamily opportunities and perform across cycles.”

Sentral, which was launched five years ago with ICONIQ as its sponsor, will leverage its national footprint managing institutional multifamily properties in major markets to serve as the operating partner for properties acquired or developed by the platform. Sentral’s hospitality-inspired, full-service model — supported by proprietary technology, furnished units and flexible living solutions — positions the platform to drive operational alpha and enhanced resident experience.

“This partnership marks an important step in Sentral’s evolution as an operator and positions Sentral to offer capital where needed to execute its full-service business plan,” said Roman Speron, CEO of Sentral. “Operating alongside DivCore and ICONIQ ensures full alignment around long-term asset performance. We have consistently proven that our platform can unlock meaningful value, particularly in highly competitive Class A markets where service differentiation and flexibility for residents matters most.”

Together, DivCore, ICONIQ and Sentral believe the platform represents a new institutional standard for multifamily investing and operating — one that capitalizes on upside from proven global demand for high-touch living and travel that is unique within the current multifamily marketplace.

 

About DivCore Capital

DivCore Capital is a national real estate investment platform and the parent company of DivcoWest and LoanCore Capital, unifying complementary equity and credit investment capabilities. With approximately $32 billion in combined assets under management, the platform invests across the real estate capital stack. DivcoWest focuses on creative equity investment strategies in innovation-driven U.S. markets, while LoanCore provides tailored real estate credit solutions. Together, the platform benefits from long-standing relationships with sponsors, borrowers, lenders, and institutional investors and draws on deep experience across asset classes and markets, with vertically integrated capabilities spanning sourcing, structuring, underwriting, asset management, and realization across the investment lifecycle. www.divcore.com

 

About ICONIQ

ICONIQ is a global investment firm elevated by an extraordinary community. With over $80B assets under management, we seek to build resilient investment portfolios, partner with inspired entrepreneurs transforming industries, manage our clients’ lives and legacies, and create uncommon opportunities across sectors and society.

 

About Sentral

Sentral is the leading Class-A multifamily property management company, driving significant revenue gains through differentiated operating capabilities, technology, and hospitality-inspired resident experience. The company manages more than $7 billion in multifamily assets for a growing roster of institutional owners across the United States. Sentral has been recognized by J Turner Research’s Elite ORA® Top 25, Multifamily Executive, and Skift IDEA Awards for innovation in property management and proptech. Follow @SentralLife or visit sentral.com.

 

Notice

This press release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment interests. Any such offer or solicitation will be made solely through the applicable offering documents and in accordance with applicable securities laws.

HONOLULU – Alexander & Baldwin (“A&B” or the “Company”), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, today announced that a joint venture formed by an affiliate of MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (collectively, the “Investor Group”) has completed its previously announced acquisition of all outstanding A&B common shares in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. The closing of the transaction follows approval by A&B shareholders at the Company’s Special Meeting of Shareholders on March 9, 2026.

Pursuant to the terms of the merger agreement, holders of A&B common shares who held their shares through the effective time of the merger are entitled to receive an amount in cash equal to $21.20 per share, without interest and less any applicable withholding taxes and less A&B’s fourth quarter 2025 dividend of $0.35 per share, which was paid on January 8, 2026, to shareholders of record as of the close of business on December 19, 2025 (resulting in a net payment at closing of $20.85 less any applicable withholding taxes). As a result of this transaction, A&B’s common stock has ceased trading on the New York Stock Exchange and it is now a private company.

BofA Securities served as A&B’s exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP served as legal advisors.

Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP served as Blackstone’s legal counsel.

Gibson, Dunn & Crutcher LLP and McDermott Will & Schulte LLP served as legal counsel to DivcoWest and MW Group in connection with the transaction. Schneider Tanaka Radovich Andrew & Tanaka LLLC served as additional legal counsel to MW Group.

The transaction was announced on December 8, 2025.

About Alexander & Baldwin

Alexander & Baldwin (A&B) is a commercial real estate operator focused on grocery-anchored retail and select commercial assets across Hawai‘i. A&B is the state’s largest owner of neighborhood shopping centers. The company owns and manages approximately 4.0 million square feet of commercial space in Hawai‘i, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease holdings. Over its 156-year history, A&B has evolved with the state’s economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. A&B is privately held through a joint venture formed by MW Group, Blackstone Real Estate and DivcoWest.

Learn more about A&B at www.alexanderbaldwin.com.

About MW Group, Ltd.
MW Group, Ltd. is a privately-held, commercial real estate development company based in Honolulu, Hawai‘i. For more than three decades, the company has led the acquisition, development and management of a diverse portfolio of commercial properties valued at over $1 billion, including retail, industrial, office, self-storage facilities and senior assisted living communities. The company is committed to long-term stewardship, community-building, and creating enduring value through strategic partnerships and operational excellence. Learn more at www.mwgroup.com.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $319 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About DivcoWest
Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital company, is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Cambridge, Beverly Hills, Menlo Park, Washington DC, Austin, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. Follow @DivcoWest on LinkedIn.

Contacts:

A&B
Investor Contact:
Clayton Chun
(808) 525-8475
[email protected]

Media Contact:
Tran Chinery
[email protected]

MW Group
Dylan Beesley
Bennet Group Strategic Communications
[email protected]

Blackstone

Jeffrey Kauth
[email protected]

Dylan Beesley
Bennet Group Strategic Communications
[email protected]

DivcoWest
Andrew Neilly
A2N2 Public Relations
925.915.0759
[email protected]

Nancy Amaral
A2N2 Public Relations
925.915.0673
[email protected]

SAN FRANCISCO, CA – February 2, 2026 – DivcoWest, a DivCore Capital company and vertically-integrated commercial real estate investment firm, and Blackstone Real Estate today announced that Anthropic has leased the entirety of 300 Howard, a 466,000 square-foot, 25-story office tower, and 342 Howard, a historic 18,000 square-foot building. The properties are owned and managed by a joint venture between DivcoWest and Blackstone Real Estate.  

Anthropic’s commitment is one of the largest in the city’s history. The deal highlights how artificial intelligence companies are driving office demand, accelerating the revitalization of downtown San Francisco, and reinforcing the city’s position as the capital of AI and technology innovation.  

Anthropic, which currently occupies space in two nearby buildings at 500 and 505 Howard, will anchor its presence at 300 Howard within “AI Alley,” the growing downtown San Francisco corridor that is rapidly attracting leading AI companies and talent.  

“Dario and I were born and raised in San Francisco–it’s where Anthropic was founded, and where so much of our story has unfolded. With over 1,300 employees in the Bay Area and counting, I’m especially excited about what this growth means for the local community as we look to deepen our partnerships with the incredible businesses and organizations doing meaningful work in the city that we love and call home,” said Daniela Amodei, president and co-founder, Anthropic. 

“We are incredibly proud to welcome Anthropic to 300 Howard and to partner with a leading AI company as it continues to grow and drive innovation,” said Gregg Walker, President of DivcoWest Real Estate Asset Management. “San Francisco’s resurgence is being led by AI, and Anthropic’s decision to make a full-building commitment [and expand its presence] reinforces our shared belief in San Francisco’s future. We’re thrilled to play a role in the revitalization of downtown and to build a long-term partnership together.” 

David Levine, Head of Blackstone Real Estate Americas, said: “The AI revolution is powering San Francisco’s recovery, driving demand and office utilization. We are long-term believers in the city and look forward to supporting Anthropic’s continued growth with a modernized, Class A workspace in this prime submarket.” 

DivcoWest and Perform Properties, Blackstone Real Estate’s retail and office portfolio company, worked with JLL Vice Chairman Chris Roeder, Senior Managing Director Ted Davies, and Senior Vice President Carlye Parker to represent ownership in the lease negotiations. Felipe Gomez-Kraus and John Diepenbrock of JLL represented Anthropic. 

300 Howard features flexible floorplates, Bay views, exceptional amenities and a prime South Financial District address. Notably, the building sits directly alongside Salesforce Park, a five-acre urban oasis spanning four city blocks, complete with a half-mile walking loop and a lush ‘green roof’ atop the Salesforce Transit Center. Often dubbed San Francisco’s ‘Grand Central of the West,’ the Transit Center provides seamless regional connectivity, linking employees to the city and beyond via bus and light rail lines in every direction further reinforcing 300 Howard’s appeal. 

The Campus at Trimble is 82% leased to AutoX, Cepton, and Verizon 

San Jose, CA – January 05, 2025 – DivcoWest, a DivCore Capital company, in a partnership with Grove Real Estate Partners, has purchased The Campus at Trimble, a 253,000 square foot R&D campus located at 375-441 West Trimble Road in North San Jose. Terms of the transaction, which was sourced and closed off-market, were not disclosed; Newmark represented the seller. 

“We are excited by the fundamentals underpinning high-quality R&D projects across Silicon Valley, particularly given the surge of tenant demand in the back half of 2025 amidst a lack of premium R&D supply,” said Elena Miller, Head of Bay Area and Pacific NW Acquisitions, “This campus, acquired at a significant discount to replacement cost, provides a strong foundation for value creation, with meaningful upside through the strategic enhancement of the campus which we believe our partnership is well-positioned to capitalize on.”  

The Campus at Trimble consists of a mix of four single- and two-story Class A buildings which were completely renovated over the last several years.  These buildings collectively feature 8,000 amps of power service, generous clear heights, efficient floor plates, ample at-grade loading with modern base building systems and tenant improvement build outs.  

 Designed with today’s workforce in mind, the campus offers a range of amenities that promote collaboration and employee engagement, including meeting pods, fire pits, a bocce ball court, and roll-up doors that create seamless indoor-outdoor work environments, along with ample parking at a 3.5 per 1,000 ratio.  

“The Campus exemplifies the quality, well-located R&D properties we are targeting at Grove Real Estate Partners, and we’re excited to partner with the talented team at DivcoWest,” said Chris Eldemir, Co-Founder and Managing Partner at Grove Real Estate Partners. 

Surrounded by Silicon Valley’s major innovation employers such as Nvidia, Microsoft, Cisco, and Figure AI, the campus is occupied by AutoX Technologies, an autonomous driving company, Cepton, a developer of Lidar-based automotive technology, and Verizon.  

 

San Francisco, CA – December 22, 2025 – DivcoWest, a DivCore Capital company, announced the acquisition of 1991 Broadway, a three-story, 66,000 square-foot (s.f.) boutique office building in the heart of downtown Redwood City, CA. The property was purchased from an owner-user in an off-market transaction.

Simultaneous with closing, DivcoWest executed a 45,000 s.f. long-term lease with Paul Hastings, a global law firm that will serve as the anchor tenant for the building. As a result of the Paul Hastings lease, the building will be 82% leased to three tenants at closing.

“Office tenants are back and letting us know that they are looking for future-forward workspaces for their employees and are willing to make long-term lease commitments. This is giving us renewed confidence in leasing up vacancy,” said Gregg Walker, President of DivcoWest Real Estate Asset Management (DREAM). “1991 Broadway is uniquely positioned within a downtown market where leasing momentum has strengthened significantly year-to-date, as dynamic companies take advantage of the opportunity to scale in a transit-friendly submarket complete with high-quality housing options and a wide range of amenities.”

1991 Broadway is situated at the east end of downtown Redwood City’s pedestrian-friendly retail corridor and is a short walk from the Caltrain station. The building also has immediate vehicle access to Highway 101 and is served by city, county, and regional transit.

Ham Southworth, Ken Rapp, and Morgan Griffith of CBRE represented Paul Hastings in lease negotiations. Ben Paul of Cushman represented DivcoWest.

In addition to leasing expertise, this transaction speaks to DivcoWest’s depth of market relationships. It is the firm’s second off-market property purchase in the last three months. In September, DivcoWest acquired a 137-apartment community in San Francisco through an existing relationship with a local developer.

Shareholders to Receive $21.20 Per Share in Cash Representing a 40.0% Premium to Closing Price on December 8, 2025

HONOLULU, December 8, 2025 – Alexander & Baldwin, Inc., (NYSE: ALEX) ( “A&B” or the “Company”), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, today announced that it has entered into a definitive merger agreement in which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (collectively, the “Investor Group”) will acquire all outstanding A&B common shares for $21.20 per share in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. As a result of this transaction, A&B will become a private company.

A&B is the largest owner of high-quality, grocery-anchored shopping centers in Hawai‘i. The Company’s portfolio consists of approximately 4.0 million square feet of commercial space, including 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets.

“For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values and communities that define these islands,” said Lance Parker, President and Chief Executive Officer of A&B. “Today, we are taking an important step toward our long-term vision for A&B as stewards of Hawai‘i’s premier commercial real estate. As a private company supported by the deep real estate expertise and experience of our new ownership group, A&B will have greater capacity to serve its tenants and communities. In our next chapter, we will continue focusing on real estate that supports the daily lives of residents, overseeing our properties with care and remaining steadfast in our role as partners for Hawai‘i.”

“We’re pleased to reach this agreement, which delivers significant, immediate and certain value to our shareholders while strengthening A&B’s ability to serve the diverse needs of communities across Hawai‘i,” said Eric Yeaman, Chairman of the A&B Board. “The Board is confident that today’s news is in the best interests of all of A&B’s stakeholders. It delivers a substantial cash premium for shareholders and long-term benefits for our valued employees, tenants and communities.”

“As a Hawai‘i-grown company founded over 35 years ago, we have seen firsthand the community contributions and lasting value that Alexander & Baldwin has created across generations,” said Stephen Metter, CEO at MW Group. “We look forward to supporting the Company’s legacy and magnifying our collective impact on the communities we serve.”

Blackstone Real Estate has a long history of responsible ownership in Hawai‘i, including iconic hospitality properties, such as Grand Wailea, The Ritz-Carlton Maui, Kapalua, Turtle Bay and Hilton Hawaiian Village, as well as retail property Pearlridge Center and high-quality rental housing on O‘ahu.

“We’re excited to reach this agreement, which deepens our commitment to Hawai‘i and our long-standing support for its local businesses. Our approach has always centered on operating responsibly and creating new opportunities for community members, including the more than 9,000 jobs created and supported by our investments in Hawai‘i,” said David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate. “We have a deep appreciation for what the Alexander & Baldwin management team has built, and we look forward to working together going forward.”

“Alexander & Baldwin has built an outstanding portfolio and we look forward to working with our partners and the Company to help continue its success,” said Caleb Cragle, Head of Strategic Investments, DivcoWest.

Continuing A&B’s Legacy as Partners for Hawai‘i

The Investor Group is aligned with the following principles to further the Company’s vision for building a better Hawai‘i, today and for the future:

• Maintaining A&B’s Strong Local Focus: Following the closing of the transaction, A&B will retain its name, brand and Honolulu headquarters.
• Continued Leadership From Local Team: The Company will continue to be led by a Hawai‘i-based team and is committed to strengthening the relationships and community connection that have driven its long-term success.
• Enhancing Existing Portfolio of Properties: A&B will continue to maintain its properties at high standards of quality for its tenants and community members. The Investor Group intends to invest over $100 million across the portfolio to enhance the properties and reinforce their essential role in the communities they serve.

Transaction Details

Under the terms of the agreement, A&B shareholders will receive $21.20 per share in cash for each share of A&B common stock they own. This amount represents a 40.0% premium to A&B’s closing stock price on December 8, 2025, the last full trading day prior to the transaction announcement.

The transaction, which was unanimously approved by the A&B Board of Directors, is expected to close in the first quarter of 2026, subject to customary closing conditions including approval by the Company’s shareholders.

Upon completion of the transaction, A&B’s common stock will no longer be listed on the NYSE.

A&B also announced today that its Board of Directors approved a fourth quarter 2025 dividend of $0.35 per share. The dividend is payable on January 8, 2026, to shareholders of record as of the close of business on December 19, 2025. Under the terms of the merger agreement, the per-share consideration that shareholders will receive at the closing of the transaction will be reduced to reflect this dividend.

Advisors

BofA Securities is serving as A&B’s exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP are serving as legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.

Wells Fargo and Eastdil Secured are acting as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP are serving as Blackstone’s legal counsel.

Gibson, Dunn & Crutcher LLP is serving as DivcoWest’s legal counsel.

BOSTON, MA – November 5, 2025 – DivcoWest, a DivCore Capital company, announced today that it has acquired 399 Boylston Street, a premier 245,000-square-foot Class A office building in Boston’s Back Bay. The property, which is more than 90% leased, represents DivcoWest’s continued confidence in Boston’s innovation economy and enduring appeal as one of the nation’s most dynamic urban office markets. 

Positioned at the intersection of Boston’s historic and business districts, 399 Boylston Street combines timeless architecture with newly completed $35 million in tenant-focused upgrades, including a full-service fitness center, yoga studio, bike storage, locker rooms, showers, and a salon. The building’s prime location provides immediate access to the MBTA Green Line, with connections to the Red and Orange Lines just two blocks away, offering unparalleled connectivity to talent and amenities across the city. 

“We believe Boston continues to be one of the most resilient and desirable office markets in the country,” said Michael Falvey, Senior Director and Head of Boston Acquisitions at DivcoWest. “399 Boylston Street exemplifies the type of high-quality, well-located assets we seek, properties that deliver a best-in-class tenant experience in markets with enduring fundamentals. We see tremendous long-term value in this investment and in the continued vibrancy of the Back Bay and the city of Boston.” 

Surrounded by Boston’s cultural landmarks, green space, and luxury retail such as Hermes, Bottega Veneta, Bulgari, and Valentino, 399 Boylston offers sweeping views of the Boston Common, Public Garden, and the Charles River. Tenants benefit from proximity to an array of premium dining, hospitality, and residential options, creating a dynamic environment that aligns with modern workplace expectations. 

“The acquisition of 399 Boylston by DivcoWest underscores strong investor conviction in the strength of the Back Bay submarket,” said Edward Maher, Boston Capital Markets Executive Vice Chairman at Newmark, which represented the transaction. “This asset’s recent capital improvements and irreplaceable location position it as one of the most attractive office offerings in the city.”  

With this acquisition, DivcoWest expands its Boston footprint, reinforcing the firm’s long-term strategy of investing in top-tier assets across innovation-driven markets on the East Coast and beyond. 

Newmark represented the seller in the transaction, and JLL will continue to serve as the exclusive leasing agent for the property.

 

CAMBRIDGE, MA – April 30, 2025 – DivcoWest, a DivCore Capital company and a vertically-integrated commercial real estate investment firm, in partnership with BDT & MSD Partners, a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors, and a global institutional investor, today announced that they have acquired One Lincoln Street, a prominent 1.1 million square foot commercial building located in the Financial District of Boston. This acquisition by the three-firm ownership group marks a new chapter for One Lincoln, as extensive upgrades are set to unveil a suite of amenities and workspaces in Summer 2025.

“DivcoWest is thrilled to join BDT & MSD and a global institutional investor as the new ownership group of One Lincoln, a true icon in the Downtown Boston skyline,” stated Mike Falvey, Head of Boston Acquisitions at DivcoWest. “Our seasoned ownership team brings unparalleled experience and robust financial backing, positioning us to not only continue the reimagination of the workplace but also elevate this building to its rightful stature, maximizing occupancy and enhancing long-term value.”

Falvey further underscored the group’s commitment to One Lincoln’s future which, he said, includes significant ongoing investment in the property, ensuring it meets evolving market demands and thrives in Boston’s competitive real estate landscape.

Once complete, the ownership group believes the current renovation project will redefine the tenant experience, incorporating cutting-edge hospitality-driven amenities to both office and shared spaces. Future tenants will have access to wellness-focused features including a rooftop deck equipped with pickleball and basketball courts centered within a walking path, a state-of-the-art fitness complex, and dedicated yoga studios and treatment rooms. A vibrant ground floor experience will include diverse culinary offerings and convenient grab-and-go options, creating a vibrant atmosphere throughout the workday into the evening.

One Lincoln will also offer an array of flexible workspaces designed to foster collaboration and innovation. Tenants will have access to event spaces, banquet facilities, and social areas that encourage connection and creativity.

DivcoWest has officially assumed all operational responsibilities for the partnership, including property management, leasing, construction & asset management, succeeding Synergy, which was retained two years ago and has played a key role in the building’s repositioning.

“We thank Synergy for their leadership, vision, and commitment to quality at One Lincoln,” said Mark Roopenian, Managing Director at DivcoWest. “Our team is excited to transform One Lincoln into an unmatched workday experience that we believe will exceed the expectations of today’s discerning tenants.”

Additionally, Newmark will continue its partnership with ownership, playing a key role in the leasing strategy to attract top-tier tenants to One Lincoln. Newmark Executive Managing Directors Gilbert Dailey and David Martel will be the exclusive leasing agents for the property under DivcoWest.

Strategically located at the intersection of I-93 and the Massachusetts Turnpike, One Lincoln offers exceptional accessibility, just a short walk from the South Station transportation hub where Amtrak, the MBTA subway and commuter rail, and the bus terminal connect, as well as being within five miles of Boston Logan International Airport.

To discover more about leasing opportunities and to stay updated on the transformation at One Lincoln, please visit www.onelincolnboston.com.

Formerly known as 199 Fremont, the transformation of the property will mark a new chapter aimed at attracting leading innovation tenants to San Francisco’s emerging ‘AI Alley’

SAN FRANCISCO, CA – April 22, 2025 – DivcoWest, a DivCore Capital company and vertically-integrated commercial real estate investment firm, is proud to announce a joint venture with funds affiliated with Blackstone Real Estate (“Blackstone”) to reposition 300 Howard Street, a prominent 25-story office tower in San Francisco’s vibrant South Financial District. As part of the agreement, Blackstone has acquired a joint-control interest in the property.

Previously known as 199 Fremont, the 420,000 square foot tower has been reimagined to embrace its location within ‘AI Alley,’ where a growing wave of tech and AI companies are redefining the area. The transformation of 300 Howard is in motion, reimagining the early-2000s tower into a high-performance hub built for today’s most ambitious teams. DivcoWest and Blackstone are rolling out a repositioning strategy with hospitality-inspired upgrades designed to fuel connection, creativity, and next-gen workplace experiences. A full floor of dedicated tenant amenities will anchor the building, featuring a cutting-edge conference center, elevated lounge spaces, and top-tier fitness and wellness facilities—all tailored to meet the demands of San Francisco’s innovation economy.

“We’re excited to embark on a long-term partnership with Blackstone in this venture, as 300 Howard sits at the heart of one of the most innovative commercial corridors in the country,” said Gregg Walker, President of DivcoWest Real Estate Asset Management. “Together, we’re making a bold investment to reimagine the building as a next-generation workplace—one that inspires, attracts, and empowers the talent driving the future of AI and technology.”

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said: “We are big long-term believers in San Francisco and are thrilled to partner with DivcoWest as we reposition this Class A office tower located in a prime submarket of the city.”

JLL will continue its partnership with ownership, playing a key role in the office leasing strategy to attract top-tier tenants to 300 Howard. JLL Executive Managing Director Chris Roeder, Senior Managing Director Ted Davies, and Senior Vice President Carlye Parker will be the exclusive office leasing agents for the property.

“We look forward to working closely with DivcoWest and Blackstone to reintroduce 300 Howard as a premier asset for innovative tenants,” said Chris Roeder, Executive Managing Director at JLL. “With flexible floorplates, Bay views, exceptional amenities, and prime South Financial District location, it’s ideal for companies looking to grow and attract top talent. As one of the few full building opportunities in the market, 300 Howard offers a unique chance to establish a global headquarters in the heart of San Francisco.”

The team is also partnering with Alex Sagues, Senior Vice President at CBRE, to reintroduce the iconic Town Hall space located steps from 300 Howard as a dynamic culinary destination. With top-tier local restaurant groups under consideration, the space is poised to become a neighborhood anchor and go-to gathering spot for the community.

Notably, 300 Howard sits directly alongside Salesforce Park—a five-acre urban oasis spanning four city blocks, complete with a half-mile walking loop and a lush ‘green roof’ atop the Salesforce Transit Center. Often dubbed San Francisco’s ‘Grand Central of the West,’ the Transit Center is a major regional transit hub, connecting employees to the city and beyond with seamless access to bus and light rail lines in every direction.

You know you’re an Austin icon when you regularly grace the Austin City Limits stage.

Frost Bank Tower, with its striking art deco design resembling an owl at its peak, remains one of the most iconic additions to Austin’s skyline two decades after it was built. And in business terms, it’s still one of the darlings of the skyline even though many other office towers have risen since. Many say the tower marked a new standard for downtown office buildings, pushing developers to design more intentional and interesting towers compared to the concrete boxes that cropped up previously.

Right now, the 33-story tower’s occupancy rate of 95% is beating downtown’s average occupancy of 78% as clocked by CoStar, according to Travis Dunaway, principal with Endeavor Real Estate Group. Such a rate is the envy of many office land- lords who have been burdened by a record glut of empty space citywide.

 

Tenant turnover soon

Taking up almost all of the 535,078 square feet in Frost are big-name ten- ants such as PIMCO, Vista Equity Partners, Frost Bank, Ernst & Young, Reed Smith, Amherst, Maxwell Locke & Ritter and more. But change is afoot, said Anne Swift, principal with Endeavor Real Estate Group, which handles leasing at Frost. Soon, a quarter of its office space will be up for grabs as Kirkland & Ellis and Pillsbury Winthrop Shaw Pittman LLP leave the tower and migrate down Fourth Street to the under-construction Republic office tower. Vista Equity has committed to move out within the next few years.

As things stand, there’s 26,961 square feet available to lease in the tower, but in late 2025 an additional 124,750 square feet will hit the market. Frost’s floor plates range from 18,000 to 27,000 square feet, so there’s only about a single floor of space available for direct lease.

With its current vacancy rate of only 5%, Frost is on par with the new- er office stock built post-2014. Of 15 class A office buildings built since 2014, vacancy rates largely range from 0% to 15%, with three outliers ranging from 28% to 50% and a fourth, Innovation Tower, with 100% vacancy, according to Aquila Commercials’ third-quarter 2024 market report.

What’s clear is that Frost is per- forming much better than the majority of older office buildings down- town. Across 13 downtown office buildings built prior to 2014 — mostly from the early 1960s to the early 2000s — about 1.8 million square feet of space was available for direct lease in the third quarter, or about 31% of those buildings. Frost has faced some stiff competition for tenants in recent years — longtime prized tenants Heritage Title Company and the Winstead PC law firm recently moved to newer towers, touting their amenities and floor plans. But the building also can be a victim of its own success.

“The downside of being 95%-plus leased often means you can’t easily grow an existing growing tenant,” Dunaway said. “Vista Equity and Kirkland & Ellis are examples, as each needed more than double their existing footprints, which Frost Tower simply could not accommodate.”

 

Keeping up with the Joneses

A lot of the success in leasing the tower is the result of its features and amenities. “Building features that we all expect and take for granted today, like perfect column spacing, floor- to-ceiling glass, expansive ceilings, ample onsite parking, and executive level amenities like expansive conference and fitness centers — Frost Tower was delivering on par with today’s newest buildings, but 22-plus years ago,” said Costa Petrunoff, Managing Director of Investments at DivcoWest, the tower’s asset manager.

 

And those features have been continually updated throughout the tower’s life. The most recent lobby and amenity renovations, designed by Elliot March of London-based March and White Designs, began in 2020 and were completed in 2022.

“I’ll still never forget seeing the sauna in Frost Tower for the first time,” Dunaway said. “Frost Tower was pioneering on so many levels, which has allowed it to remain relevant and coveted, even today. But don’t mistake any of this for complacency. There is not a common area surface, amenity, or security feature within Frost Tower that hasn’t been redesigned or renovated within the past three years, ensuring Frost Tower’s future.”

Amenities at the tower include a 5,500-square-foot fitness club, lounge, conference facility, full-ser- vice bank, executive parking and on-site retail. Those retail options have been a draw for tenants. Houndstooth Coffee, Juiceland, SoulCycle, Modern Market and One Taco are on the ground level.

The tower has also received a number of recent designations and certifications putting it on par with new- er office stock. In the sustainability realm, it received a LEED Gold certification in 2019 and was Energy Star certified in 2008. For connectivity, the tower received a Wired Score Platinum designation, the highest ranking available. Finally, for health and wellness, Frost has received a Fit Well 2-star rating, scoring a 99 out of 100 in the walkability category and a 97 out of 100 for the biking category.

All of this combined — the tower’s unique design, its impressive tenant mix, the continual updates and the available amenities — have ensured that Frost Bank Tower remains an important part of downtown’s sky- line and economy, and could ensure the tower remains iconic for decades to come.

“Timeless is an overused adjective when describing architectural designs or finishes,” said Dunaway. “By definition though, Frost Tower is as timeless as it gets. Twenty years from today, that unmistakable crown lit up at night and as the backdrop of Austin City Limits stage, Frost Tower will still be unmistakably Austin. Who else can really say that?”

 

How the building was born

The tower’s story began in November 2001 when it became one of the first high-rise office buildings to break ground in the United States after 9/11, said Tim Hendricks, senior vice president and managing director at Cous- ins Properties Inc., the tower’s developer and original owner. It’s now owned by California State Teachers Retirement System.

“It was really very exciting,” Hendricks said of starting construction so soon after the terrorist attacks on the World Trade Center. “The subtractors, the general contractors, the supplier — everybody kind of rallied around Frost Bank Tower.”

At that time, Austin was seen as more of a sleepy college town and state capital, and a new tower was an avenue to help it evolve into more of a business community. When Cousins first began looking at developing Frost, the developer realized that newer, modern office towers hadn’t been built downtown since the 1980s, Hendricks said.

“If somebody’s going to do a new, marquee, iconic tower, why wouldn’t it be us?” he said. And when it came time to design the building, Hendricks said the driving force was an intentional effort to develop the city’s most iconic tower.

One of the major iconic features of Frost, which was designed by Turan Duda of Duda Paine Architects, is the building’s crown, which resembles an owl. Hendricks dispelled the long-standing urban legend that the resemblance was an intentional design choice by a Rice University graduate, but did say the crown, which lights up the skyline at night and is constructed of multiple layers of glass, was key to helping stretch the tower out so it resembles a taller point tower instead of a more squat, boxy building.

Cousins paid $13.8 million in 2001 for the tower’s 1.7-acre site. The site’s appraised value is now about $336 million, according to Travis County.

 

STORY BY BY CODY BAIRD • [email protected]

PHOTOGRAPHY BY DAVE CREANEY • [email protected]