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DivcoWest has grown its D.C.-area portfolio over the past two years, and now it is establishing a physical presence in the District.
The San Francisco-based real estate investment firm, which also has offices in Boston, Los Angeles and New York, has now opened a D.C. office at 1620 L St. NW.
The D.C. office will be led by DivcoWest Managing Director Ryan Friend, who joined the company in 2014 from Hines. Its office sits in the heart of the central business district, just one block from the Farragut North Metro station. The office will focus on managing DivcoWest's existing D.C. portfolio and looking for acquisition opportunities in the region.
The company will occupy a property it acquired in March 2017 for $98.5M, property records show. That acquisition was the first of four purchases DivcoWest has made in the D.C. area.
It bought the office building at 1133 15th St. NW in October 2017 for $101M, property records show. It then paid $166M in January for the office building at 1255 23rd St. NW. Last month, DivcoWest made its first multifamily acquisition in the area, buying the 392-unit Avalon Woodland Park community in Herndon for $94.5M.
AvalonBay, part of the JV that sold the Herndon building, is one of several D.C.-area REITs selling off properties this year, while private firms like DivcoWest continue to be active buyers.
“This new office demonstrates our commitment to the Washington, D.C., market, which we believe to be one of the most attractive growth markets for the innovation economy,” DivcoWest CEO Stuart Shiff said in a release.
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