Dallas Lucas, president and chief executive officer of the Santa Monica-based REIT, says that the SoCal Portfolio represents "our entrance into our target market of Los Angeles, a selective expansion into the Orange County market and further growth of our dominant presence in San Diego." The $195 million SoCal Portfolio joint venture increases Pacific Office's total portfolio under management by 30% to 4.3-million leasable sf.

Lucas points out that the deal is consistent with the co-investment strategy that Pacific Office pursues. In this case, the REIT will hold a managing ownership interest in the SoCal Portfolio, which will be owned in partnership with the Invesco-sponsored fund as an institutional co-investor. Invesco is a global investment manager with assets of more than $500 billion under management.

[IMGCAP(2)]The Los Angeles property in the SoCal Portfolio is Gateway Corporate Center, an 85,000-sf institutional quality office building in the Eastern San Gabriel Valley at1370 Valley Vista Dr. In Orange County, Pacific's new assets include the 372,000-sf four-building Savi Tech Center at 22705-22745 Savi Ranch Parkway in the North County Anaheim Hills submarket, the five-building 166,000 office/flex Yorba Linda Business Park at 22343-22349 La Palma Ave. in Yorba Linda and the 61,000-sf South Coast Executive Center office building at 1503 South Coast Dr. in the South Coast Metro submarket.