NEW YORK CITY-The Rockefeller Group said Wednesday it had closed on a fund that targets premier office assets in gateway markets. Known as Rockefeller Group US Premier Office Fund LP, the fund raised $250 million and is Rockefeller Group Investment Management Corp.‘s first such program focusing on the domestic landscape.
Much of the fund was contributed by nine third-party investors, including Japanese and European pension plans, Rockefeller Group says in a release. The Rockefeller Group and its senior executives put in co-investment capital.
Approximately 60% of US Premier Office Fund’s equity has already been invested prior to closing, the release states. Via joint-venture acquisitions, the fund has picked up approximately 1.3 million square feet of class A office space in Washington, DC and San Francisco, totaling about $700 million in gross asset value.
“Our investors share our confidence in the stability and value of high quality, well-located office assets in core US markets,” Dennis Irvin, president and CEO of RGIM, says in a release. “In addition to the fund’s existing portfolio, we see good opportunities today in our target markets to leverage our extensive operating expertise to provide investors favorable returns and capital appreciation.” The fund is scouting potential acquisitions in Boston, Los Angeles, New York, San Francisco and Washington, DC.
The investment management subsidiary of the Rockefeller Group, RGIM has provided access to European property funds since 2010, following its acquisition of a majority interest in Europa Capital. The London-based Europa is a real estate fund manager that has raised six closed-ended funds and invested across 17 countries since 1995.