SAN FRANCISCO—DivcoWest's latest value-add real estate investment fund, DivcoWest Fund VI, launched in October 2019 and held its final closing on September 30, 2020. The fund targeted $1.5 billion in capital commitments and was oversubscribed, closing at approximately $2.25 billion in capital commitments.
"Like our tenants, we constantly have to innovate. Through the current volatility and leveraging on our team's experience, we believe we have an opportunity in Fund VI to capitalize on dislocations and explore and transform the markets where we do business," said Stuart Shiff, DivcoWest CEO and founder.
DivcoWest has a long track record of investing through multiple market cycles and across the risk spectrum. The firm targets investments in US gateway markets, primarily targeting investments that serve the innovation and life science sectors.
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DivcoWest Fund VI will continue the firm's value-add investment strategy, focusing on identifying, analyzing and acquiring opportunities. The fund will primarily pursue the acquisition of existing value-add life science, R&D and office properties in US innovation markets, with the objective of investing additional capital to create workplace environments appealing to future tenant demand.
"Fund VI's raise has allowed us to expand our capital base with key foreign relationships, while also growing and expanding our domestic partnerships," adds Heather Meyerdirk, DivcoWest's head of capital strategies and formation.
DivcoWest Fund VI investors include domestic public and corporate pension funds, insurance companies, sovereign wealth funds and high net-worth individuals.
"Innovation markets where we are actively targeting value-add opportunities include the San Francisco Bay Area, Boston, Los Angeles, New York, Austin, San Diego, Seattle, Portland, Washington, Denver and Raleigh-Durham," Keith Wallace, DivcoWest's co-head of acquisitions, tells GlobeSt.com.
The COVID-19 pandemic has blurred the lines between living and working, and is reshaping human interaction with physical spaces. Nearly every industry has had to increase the use of technology to adapt to mass virtualization of activities. For most CRE companies, this has meant accelerating the digitization of operations. CRE companies are using a variety of tools and technologies to engage with tenants, run building and company operations, and make physical spaces ready for re-occupancy, according to Deloitte Insights.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
