SAN FRANCISCO — DivcoWest Real Estate Services has entered into a new $300 million venture with the California State Teachers’ Retirement System (CalSTRS). The joint venture will focus on acquiring core and core-plus commercial real estate assets in growth-oriented markets throughout the United States.
The partnership will concentrate its activities on commercial real estate opportunities in targeted markets, including San Francisco, Los Angeles, San Diego, Seattle, Boston, New York City, Washington, D.C. and Austin, Texas. These markets have been identified for their strong local economics and highly qualified workforces, as well as substantial tenant bases in new economy industries.
DivcoWest and CalSTRS have a 15-year history of investing together, with DivcoWest putting the more than $1.5 billion that CalSTRS committed into various DivcoWest-sponsored investment vehicles.