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LOS ANGELES-McCarthy Cook & Co. and Charlesbank Realty fund have formed a joint venture, McCarthy Cook Investors III, which will target office and mixed-use properties, debt secured by office properties and other office-related investments.

The new venture will focus primarily in California, but also in the major markets of Arizona, Washington, Oregon and Colorado. The partnership expects to begin investing immediately and will selectively afford investment opportunities to other institutional investors. This venture follows McCarthy Cook’s two previous successful institutional joint ventures.

Edward Cook, an investment partner in McCarthy Cook, says Charlesbank provides his firm the opportunity to invest in a broad range of properties, from stabilized trophy office buildings to new development. “Our goal with Charlesbank will be to acquire at least $200 million in assets per year,” he says. “To do that successfully, we will be reviewing many different opportunities over a large geographic area, but with a specific focus on California.”

McCarthy Cook & Co. was founded in 1995 by Tom McCarthy and Edward Cook, former senior executives of Maguire Thomas Partners. Since that time, McCarthy Cook has acquired over $1 billion in assets comprising in excess of five million square feet. The firm maintains offices in Los Angeles, San Francisco and Costa Mesa and presently owns, manages and leases approximately three million square feet of properties in Southern California and Northern California. McCarthy Cook invests in single assets, portfolios, debt secured by real estate and partnership interests. The firm targets transactions of $30 million or greater ranging from stabilized buildings to mixed-use campuses and land for development.

Charlesbank Capital Partners, LLC, is a private investment firm with more than $2 billion of capital committed to acquisition and expansion financing for developing real estate assets and growing companies. The real estate team generally invests in equity or mezzanine debt structures, sometimes with a strategic operator or developer who brings complementary expertise or market knowledge. Typical equity investments range from $15 million to $50 million per transaction and may include acquisitions, development or redevelopment, repositioning or recapitalizations. The firm has offices in Boston and New York.

McCarthy Cook and Charlesbank were advised in the transaction by Bond Capital Ltd., a real estate investment advisory firm with offices in Chicago and Santa Monica, CA.

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