Madison Realty Capital Provides $40 Million Loan to Support Acquisition and Predevelopment of 1255 23rd Street NW 

Washington, DC – October 7, 2026 – Jemal Real Estate Strategies, JLS Capital and DivcoWest have announced a joint venture to convert 1255 23rd Street NW, a 342,000-square-foot office building in Washington, D.C.’s West End, into approximately 323 apartments. The project will include up to three dozen affordable units. Madison Realty Capital provided a $40 million loan to support the property’s acquisition and predevelopment.    

The building is in a superior location for residential apartments, sitting between Georgetown, George Washington University, and Dupont Circle in an area with limited housing supply, especially affordable units and one that benefits from access to employment centers, transit, retail and some of Washington’s most established neighborhoods.  

FILLAT+ Architecture serves as project architect. CBG Building Company is general contractor.  

“This partnership reflects our confidence in Washington, DC, and our conviction in the importance of giving existing buildings a second life,” said Norman Jemal, Senior Managing Principal of Jemal Real Estate Strategies. “Adaptive reuse will play an increasingly important role in the future of Washington’s neighborhoods. Despite being an office building, 1255 23rd Street NW has the geometry and bones for a stunning residential building, a use that aligns the building with the future needs of the community. We’re excited to pair our experience in complex urban redevelopment with DivcoWest’s deep expertise to truly serve the community and contribute to the city’s long-term vitality.” 

Jemal Real Estate Strategies Inc (“JRES”) is a private investment platform founded by Norman Jemal, Senior Managing Principal at Douglas Development, to pursue opportunistic real estate and structured investment opportunities. Since launching in late 2025, JRES has sponsored the conversion of an office and mixed-use building in Syracuse, NY, and a 20-story office tower in Richmond, VA, creating nearly 350 residential units. JRES is also repositioning and leasing an office building in Arlington, VA.  

DivcoWest, a DivCore Capital company and vertically integrated real estate firm investing in many asset classes across the US, primarily in innovation markets, is the current owner of the property and will retain an equity interest alongside JRES.  

“Office-to-residential conversion offers a real opportunity to address the need for housing in our cities. By bringing together our teams’ capabilities, we will create both affordable and market-rate apartments at 1255 23rd Street NW and position the property for the long term,” said Nico Papageorge, Managing Director, DivcoWest.  

“1255 23rd Street NW presents a compelling opportunity to bring new life to a well-located property in Washington’s West End,” said Samir Tejpaul, Head of Investments at Madison Realty Capital. “The property combines a building configuration that lends itself to residential use with direct access to major employers, transit, and surrounding neighborhoods. With Jemal Real Estate Strategies and DivcoWest leading the project, our financing will help deliver much-needed housing in a market with limited opportunities for residential development.” 

Built in 1982, the 8-story building includes 257 covered parking spaces and is located just a few blocks from the Foggy Bottom-GW University Metro station with access to the Blue, Orange, and Silver lines. Approximately 22,000 s.f. of ground floor retail will remain in place.  

Additional project details will be announced as plans advance. 

AUSTIN, Texas–August 19, 2026–Co-developers DivcoWest, Lincoln Property Company (“Lincoln”), and Phoenix Property Company have leased nearly 165,000 square feet at The Republic in the last 30 days. The two new leases will bring the recently completed 48-story office tower overlooking Republic Square in downtown Austin to 73% occupancy.

National full-service law firm Jackson Walker leased more than 110,000 square feet and will occupy three mid-rise floors. Virtu, one of the world’s largest high-tech trading and market making firms, leased approximately 55,000 square feet and will occupy the two remaining floors in the building’s high-rise portion.

“The Republic is the right long-term home for Jackson Walker’s Austin office, providing our attorneys, business professionals, and clients a premier downtown location, modern amenities, and the flexibility to support continued growth,” said Michelle Moore Smith, Managing Partner of Jackson Walker’s Austin office. “As a firm deeply rooted in Austin, we are excited to be part of a building that reflects the city’s energy, momentum, and future.”

The companies join an impressive list of top tenants at The Republic, including law firms Kirkland & Ellis, Pillsbury Winthrop, and O’Melveny & Myers, as well as financial services firms Vista Equity Partners, UBS, and Greenbelt Capital. Lincoln is responsible for leasing efforts at the property.

“We’ve secured nearly 600,000 square feet of high-quality leasing since marketing began on this project, demonstrating the continued demand for best-in-class workspace in Austin and affirming our decision to develop The Republic,” said Costa Petrunoff, Managing Director of Investments at DivcoWest. “With six office tenants already occupying their space and more to follow, The Republic has established itself as downtown Austin’s premier business destination.”

“Austin ranked first for job growth among the nation’s largest metros last year, and The Republic gives companies the location and amenities they need to compete for top talent,” said Seth Johnston, Executive Vice President at Lincoln. “Employers want their teams in the office, and The Republic is the kind of place people actually want to come in to work.”

CBRE represented both Jackson Walker and Virtu in lease negotiations. Virtu was also represented by Sage Realty NYC.

In addition to successful office leasing, The Republic has secured strong leasing interest from retail tenants. Sugar Wolf, a popular bakery, coffee and wine bar by Guy + Larry Restaurants, is now open on the ground floor of The Republic, drawing customers from throughout downtown. A second restaurant tenant will be announced soon.

Recently named Project of the Year by the Austin Business Journal, The Republic combines award-winning design with a highly amenitized, future-ready workplace experience. Designed by Duda Paine Architects with interiors by Michael Hsu Office of Architecture, the tower offers sweeping views of Lady Bird Lake and a direct connection to Republic Square Park – its historic namesake – and is one of the rare buildings in Austin’s Central Business District to open onto a full block of park space. Every office floor features a private terrace that extends the workplace outdoors, while elevated, tech-forward interiors, purposeful layouts, and best-in-class amenities create an environment designed to support productivity, well-being, and collaboration.

BOSTON–April 14, 2026–DivcoWest, a DivCore Capital company and national commercial real estate investment firm, today announced that Lovable, the platform empowering anyone to build full-stack apps and websites by chatting with AI, has chosen One Lincoln in Boston’s Financial District as its U.S. go-to-market hub. One Lincoln is a newly reimagined 1.1 million-square-foot Class A office tower in Boston’s Financial District, offering an expansive hospitality-driven amenity package designed around the needs of today’s workforce.

“Boston felt like a natural hub for Lovable as growth continues to accelerate,” said Ryan Meadows, Chief Revenue Officer of Lovable. “The city sits at the center of global innovation, where ideas and world-class talent come together. We chose One Lincoln because it’s a thoughtfully designed space where our team can thrive.”

Launched in 2024, Lovable makes it possible for anyone to build websites and fully functional applications using plain language; no coding experience required. The platform is growing rapidly, and the company is now scaling globally, expanding its presence into the U.S. to support builders across the entire ecosystem, from startups to enterprises. Lovable will initially occupy 6,000 square feet at One Lincoln, with the building’s flexibility providing room to scale as their team grows.

“We are thrilled to welcome Lovable to One Lincoln,” said Mark Roopenian, Managing Director, DivcoWest. “Boston is an epicenter of innovation, and we are excited that Lovable chose the city and One Lincoln as their U.S. go-to-market hub. We look forward to a long-term partnership and to supporting their growth as they continue to build something truly exciting in the AI space.”

One Lincoln is a 36-story, 1.1 million-square-foot tower in the heart of Boston’s Financial District. Following the completion of a comprehensive repositioning in 2025, One Lincoln has been redesigned to meet the demands of today’s workforce, featuring hospitality-driven design, a best-in-class amenity package, flexible space options, and an accessible and connected location. The result is an elevated environment, where tenant experience drives everything from the amenities to the service to the spaces themselves. Lovable joins HarbourVest, one of the world’s leading global private markets firms, Sherin & Lodgen, CFGI and WeWork as tenants at One Lincoln.

One Lincoln sits at the intersection of I-93 and the Massachusetts Turnpike, steps from South Station with its Amtrak, MBTA subway, commuter rail and bus connections, and is within five miles of Boston Logan International Airport.

“What we’re witnessing across the country is nothing short of a generational shift in how innovation takes shape and how real estate is helping to facilitate it,” said Stuart Shiff, CEO, DivcoWest. “Leading AI companies are establishing major footprints on the West Coast, and now Boston and the East Coast are following suit. DivcoWest has always believed that the right environment unlocks the right ideas, and we are proud to be the trusted partner that today’s ambitious companies turn to as they scale.”

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.