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DivcoWest, CalSTRS Target Core, Core Plus Assets In New $300M Venture

San Francisco

DivcoWest Real Estate Services has entered into a $300M venture with the California State Teachers’ Retirement System. The joint venture will focus on acquiring core and core plus commercial real estate assets in growth-oriented markets throughout the U.S. 

Investment activities will concentrate on commercial real estate opportunities in targeted markets characterized by strong local economies and highly qualified workforces. These markets have substantial tenant bases in dynamic, new economy industries.  

Cities in five states plus Washington, D.C., have been identified as target markets. In California these markets include San Francisco and the Greater Bay Area, Los Angeles and San Diego. Other target markets include Seattle, Boston, New York City and Austin. 

DivcoWest and CalSTRS have a 15-year history of investing together, and DivcoWest has put over $1.5B in CalSTRS committed funds into DivcoWest-sponsored investment vehicles. DivcoWest has invested CalSTRS funds across various asset classes, return profiles and investment structures, including commingled funds, joint ventures and separate accounts.

DivcoWest is a vertically integrated operator, owner and asset manager with about $5.4B of assets under management as of the first quarter.