Publication: Bisnow
By: Andrew Martinez
For owners of Boston commercial space, 2020 was a year of bifurcation.
The coronavirus pandemic affirmed life sciences’ place as the dominant force driving major leasing activity in Boston and nearby suburbs, with anchor tenants securing significant footprints at incoming projects.
But only four office deals topped … read more
Publication: Commercial Property Executive
By: Razvan Cimpean
Investment transactions in the office market lost steam throughout the country year-to-date through October. Investors closed deals totaling … read more
Publication: The Boston Globe
By: Tim Logan
The years-long building boom that has reshaped much of Greater Boston has taken a bit of a pause during the pandemic, except for one sector: life sciences.
The business of financing, building, and filling lab space, drug manufacturing facilities ― and even apartment buildings to house people who work in the industry ― has barely skipped a beat in recent months. Unlike office projects … read more
Publication: Investment Real Estate, Inc.
BY Kali Persall
The $28.6 billion Employees Retirement System (ERS) of Texas contributed $75 million to DivcoWest Fund VI during the month of September, according to a recent investment report.
DivcoWest Fund VI held its final close in October with $2.25 billion in capital commitments, going down in the record books as DivcoWest’s largest fund raised to date. The fund had a fund raising target of $1.5 billion.
DivcoWest Fund VI will primarily pursue the acquisition of existing value add life science, R&D and office properties in U.S. innovation markets, according to the firm. The fund will seek to invest additional capital to create workplace environments that appeal to future tenant demand.
DivcoWest’s previous fundraisings also raked in notable capital – in 2017, DivcoWest Fund V held a final close at $1.583 billion, exceeding its target of $1.5 billion.
Texas ERS joins a number of U.S. pension funds as investors in DivcoWest Fund VI, including the District of Columbia Retirement Board, the New Jersey Division of Investment, the Oregon State Treasury, Massachusetts Pension Reserves Investment Management Board, and the Teacher Retirement System of Texas, according to IREl’s FundTracker database. DivcoWest’s investor base also included insurance companies, sovereign wealth funds and high-net-worth individuals.
Texas ERS made the investment on behalf of its private real estate portfolio. As of September, Texas ERS had an 11.04 percent target to real estate against an 11 percent target.
Publication: Commercial Property Executive
By: Lucia Morosanu
DivcoWest has sold Tasman at North First, a three-building property in San Jose, Calif., for $160 million. A South Korean investment group acquired the 317,612-square-foot office and R&D campus. A JLL team brokered the transaction.
According to public records,… read more
Publication: Yahoo Finance
DivcoWest announces the final closing of its latest value-add real estate investment fund, DivcoWest Fund VI. The fund targeted $1.5 billion in capital commitments and was oversubscribed, closing at approximately $2.25 billion in capital commitments. The fund launched in October 2019 and held its final closing on September 30, 2020.
DivcoWest has a long track record of investing through multiple market cycles and across the risk spectrum. The firm seeks to invest in high quality commercial real estate assets in gateway U.S. markets, primarily targeting investments those that serve the innovation and life science sectors. DivcoWest Fund VI will continue the firm’s value-add investment strategy, focusing on leveraging its deep relationships to identify, analyze and acquire attractive opportunities.
“Like our tenants, we constantly have to innovate. Through the current volatility, and leveraging on our team’s experience, we believe we have an opportunity in Fund VI to capitalize on dislocations and explore and transform the markets where we do business,” said Stuart Shiff, DivcoWest CEO and Founder.
“Fund VI’s raise has allowed us to expand our capital base with key foreign relationships, while also growing and expanding our domestic partnerships,” added Heather Meyerdirk, DivcoWest’s Head of Capital Strategies and Formation. DivcoWest Fund VI investors include domestic public and corporate pension funds, insurance companies, sovereign wealth funds and high net worth individuals.
DivcoWest Fund VI will primarily pursue the acquisition of existing value-add life science, R&D and office properties in U.S. innovation markets, with the objective of investing additional capital to create workplace environments which appeal to future tenant demand.
PUBLICATION: IPE Real Estate
DivcoWest has raised $2.25bn (€1.9bn) for its latest US real estate fund to invest mostly in value-add office and life science-related properties.
DivcoWest said the DivcoWest Fund VI, which was launched in October last year to raise $1.5bn with a $2.25bn hardcap target, achieved a final close at the end of September.
The predecessor DivcoWest Fund V fund…READ MORE
Publication: Nevada Business
BY: Abbi Whitaker
INOVA luxury apartments at the Summit, the new apartment homes in South Reno geared toward creativity and a spirit of collaboration, launches a community campaign to celebrate local artists called The Art of Innovation.
Presented by Bob Klein of Klein Financial Corporation, Chip Bowlby of Reno Land, and DivcoWest, the Joint Venture developers of INOVA, The Art of Innovation community campaign is an expression of their commitment to build upon Reno’s identity as a leader in art and innovation.
“Inova, named for its commitment to innovation defines the next generation of Reno living, integrating innovation and art, with luxury and convenience to elevate residents to live life inspired,” Bowlby said. “This philosophy is woven in the property’s fabric, and we are bringing light to it in the form of a competition. The Art of Innovation competition gives artists a chance to connect and create work during a time when our community is looking to be inspired.”
The art competition will include a purse total of $10,000, with first, second and third place winners across three different categories chosen, as well as a Best in Show. Categories include photography, painting and sculpture. The top 50 entries will be included in a book, “The Art of Innovation” with the artists’ information and the cost of each piece shown.
Artists are invited to present existing work as well as original works of art yet to be produced. The deadline for the last submission will be August 30, 2020 and a $10 entry fee will be collected per entry. In addition, The Sierra Arts Foundation, a nonprofit art organization working with integrating art in schools, will work with local schools as they try to spark creativity with their students from home. INOVA will be awarding $3,500 for this unique student contest.
“Northern Nevada is a community fueled by arts and culture,” said Reno Mayor Hillary Schieve. “During this time, when many of our residents are staying at home to prevent the spread of COVID-19, I see this competition as an opportunity for creatives to share their work and inspire others.”
This campaign invites local Reno artists, as well as others from across the nation, to create a visual expression that demonstrates what innovation means to them. Contest judges include Burning Man artist Andrew Johnstone; Executive Director of Artech and Project Manager for Playa Art at Burning Man, Maria Partridge; and retired Manager of Arts and Culture for the City of Reno, Christine Fey.
Johnstone, a British artist now living in the Bay Area, has been working on the design of “The Man,” the centerpiece of the Burning Man festival, each year since 2005. He is a muralist specializing in photo real trompe l’oeil (deceive the eye), and his clients recently have included The Smithsonian, Chabot Space and Science Center, Stanford Medical Center, Venice Biennale Arte, European Cultural Academy and NASA. Johnstone also became one of the Newzonia 500 ambassadors, a group of artists, scientists, Nobel laureates working on global and sustainable solutions for a world in crisis.
Both Partridge and Fey have strong roots in the local arts community, Partridge spearheading efforts to place temporary installations of Burning Man art in downtown Reno, and Fey who worked for two decades as the Arts and Culture Manager, and is the City Liaison to Artown and Sierra Arts Boards.
“Celebrating arts and culture within our community is essential,” Partridge said. “During this time of uncertainty, art can lift our spirits and provide a sense of community. Through The Art of Innovation competition, we seek to embrace the artists in our community and showcase their incredible work.”
Publication: Connect California
Dewey Land Company and DivcoWest received $33.8 million in construction financing for the speculative development of 250 California, a 44,605-square-foot office property in Burlingame, CA. JLL Capital Markets’ Jordan Angel and Chris Gandy arranged the financing, as well as a joint venture equity partnership between the developers.
Due for completion in 2022, 250 California will feature four stories of best-in-class office space, ground-floor retail and a three-level subterranean parking facility. The transit-oriented building has a premier location in downtown Burlingame, immediately adjacent to the Burlingame Caltrain station.
DivcoWest’s Chris Eldemir says, “250 California is an excellent, transit and amenity-friendly location which has already drawn a major VC tenant. We’re excited to have the opportunity to partner with our friends at Dewey Land Company, and look forward to delivering a high quality, boutique office building to the downtown Burlingame market.”
Publication: IPE Real Assets
BY Jon Peterson
California State Teachers’ Retirement System (CalSTRS) has been seeking to increase its exposure to real estate debt, offices and property funds via the secondary market.
As part of more than $2bn (€1.74bn) committed to real estate strategies in the second half of 2019, the $252bn pension fund allocated $648m to real estate debt investments.
CalSTRS confirmed to IPE Real Assets that it had committed $300m to 3650 Cal Bridge Lending, a real estate debt joint venture it established with 3650 REIT in 2018.
The pension fund said it had also committed $198m to PacificCal Debt III, a joint venture with PCCP, and increased its existing investment in an open-ended real estate debt fund managed by CrossHarbor Capital Partners by $150m.
CalSTRS also allocated $300m of new capital to BCal II, an existing joint venture with Beacon Capital Partners that invests in core US offices, and committed $300m to the office-focused DivcoWest Fund VI.
The pension fund is also investing in real estate funds on the secondary market, having set up a $400m separately managed account with Blackstone Strategic Partners.
Other commitments in the second half of 2019 included a $300m allocation to StradaCal, a joint venture targeting core apartments and mixed-use assets in the San Francisco Bay Area and West Coast markets.
