Divco didn't not immediately return calls seeking comment.According to the Commercial Mortgage Alert newsletter, Divco is inthe process of buying a 535,000-sf portfolio from a J.P. MorganInvestment Management client for $137 million. Divco has retainedthe Los Angeles branch of Holliday Fenoglio Fowler to arrange thefinancing, according to the newsletter.
Rents for the eight-property portfolio range from $10 per sf to$27 per sf, well below current rates, and 85% of the leases will beup for renewal in the next four years, according to thenewsletter.
Divco West, which owns a concentration of office space in theSilicon Valley, in September bought 320,000 sf in the ShorelineBusiness Park in Mountain View. The firm estimates its totalholdings at nine million sf.
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