SAN FRANCISCO—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that U.S.-Canadian concern Ivanhoe Cambridge, has spent at least $400 million for the acquisition of 73 Silicon Valley office buildings.

The company worked in partnership with affiliates of TPG and DivcoWest, who jointly led the transaction which closed in late December 2012, they plan to invest in upgrades to meet the growing demand for top tier space in the tech corridor.

"This investment of more than $400 million enables us to acquire a critical mass of assets in a rental market that is seeing one of the best growth rates in the United States," said Ivanho-Cambridge's president, global investments, Bill Tresham in announcing the deal Wednesday. "We look forward to working with our experienced partners, TPG and DivcoWest, to increase the value of the office and R&D properties through additional investments and through strong asset management committed to meeting tenant needs."

The properties total 6.4 million square feet, and were part of a portfolio sold by Mission West Properties, Inc., a publicly-traded REIT. All the buildings are located in Silicon Valley, California, which boasts a large concentration of high-tech firms and has among the fastest employment growth rates in the United States.

In addition to paying $400 million in cash for the buildings, the buyers assumed $400 million in debt, according to a report in the San Jose Mercury News.

Instant Insights /

Big $400M Buy in Silicon Valley by Ivanhoe Cambridge

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