SAN FRANCISCO-Shorenstein Properties LLC has closed its 10th real estate investment fund, Shorenstein Realty Investors Ten LP, a $1.23 billion investment fund including $75 million committed by Shorenstein. Other investors in the fund include domestic and foreign foundations, college endowments, pension funds, and high-net- worth individuals.

As with its previous funds, Shorenstein "intends to deploy the new fund's capital to acquire office properties in major markets throughout the US to which it can add value through its management, leasing, development and capital markets expertise," the company said in a news release. The fund may also develop new properties, and provide equity or debt to recapitalize properties; it will entertain single-asset as well as portfolio acquisitions.

Douglas Shorenstein, chairman and CEO of the company, said in a statement in the news release: “Today, we see a market in which having committed discretionary capital combined with in-house operating expertise is a tremendous advantage, especially for experienced owners with a solid track record of delivering results and adding real value to properties.”

The Ten LP fund is so-named because it is 10th investment vehicle created by Shorenstein since the company sponsored its first fund in 1992. Shorenstein’s portfolio includes approximately 26.5 million square feet of office properties.

Shorenstein was also in the news on GlobeSt.com recently in connection with its planned development of a new 23-story, 580,800-square-foot office building called 601 City Center at 601 12th St. in Downtown Oakland in a venture with MetLife Real Estate Investments. Shorenstein has awarded the leasing assignment for the new project to a Grubb & Ellis team including senior vice presidents John Dolby, John Jensen and Scott Ellis, along with vice president Michael McCormac. The goal of the assignment is to sign an anchor tenant of the property in order for Shorenstein to begin construction.