Mass PRIM Does First Direct Deal, Buying CA Site For $112M
The Massachusetts Pension Reserves Investment Management Board (Mass PRIM) acquired its first direct real estate investment recently, closing on a 21-acre land investment through the California-based Santa Clara Redevelopment Authority. Mass PRIM paid more than $112M in cash, and by purchasing the land directly, expects to save about $11M in investment fees over the next two decades, Chief Investment Officer reports.
The deal is part of the PRIM Project SAVE initiative, which reduced its fees and costs by an annualized $146M over the past five years. The property is occupied by office buildings and includes a ground lease. DivcoWest facilitated the deal; it's worked with PRIM on other investments, such as One Kendall Square in Cambridge and 333 Bush St in San Francisco. [CIO]