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.