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Legacy Closes Value Office Fund With $330M

FOSTER CITY, CA-The locally headquartered real estate investment manager has $250 million of equity left to leverage, having already used $120 million of fund equity in the past eight months to acquire 15 properties valued at $370 million.

By Brian K. Miller | Updated on August 02, 2005

FOSTER CITY, CA-Locally based Legacy Partners has closed its first value office fund with $330 million of capital commitments. Having already matched $120 million with $250 million in debt in to acquire or put under contract 2.3 million sf in 15 properties over the past eight months, the locally headquartered real estate investment manager has $250 million of fund equity left to invest. The fund, which was oversubscribed, is focused on investing in office and research and development properties in select western US markets (Northern California, Southern California, Seattle and Denver). Investors include public and corporate pension plans, endowments, financial institutions and family offices.Of the square footage already acquired or under contract, about 75% is in California, split evenly between Northern California (874,286 sf in five buildings) and Southern California (830,494 sf in six buildings), a source at Legacy tells GlobeSt.com. Another 495,812 sf is in three buildings in the Denver market. The remaining space, about 92,000 sf, is located in one building in the Seattle submarket of Bellevue, WA.Legacy manages a 12-million-sf portfolio valued at $2.1 billion. Legacy Partners president Barry DiRaimondo and CFO Paul Meyer are the co-portfolio managers of the fund. Legacy managing director John Faust led the marketing of the fund.

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