This value-added investment partnership includes 16 US and international investors, according to Vance Maddocks, president of the fund's general partner. "Market response been very favorable," he says, noting that 10 investors are new clients. CB Richard Ellis specializes in management of real estate investments for institutional investors.

So far the fund has committed $500 million, or 70% of its total capitalization of $720 million, in various property types and markets. The fund has another $220 million to spend and is particularly interested in investing in properties in the Los Angeles, San Francisco and Chicago markets. The fund's investment focus is repositioning, releasing and development opportunities involving institutional-quality properties.

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